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The first liquidators’ report said it was not expected the 30 unsecured creditors would receive their money.
In March, Smith and Co Building Ltd was put into liquidation in the High Court at Dunedin following an application from Top Notch Roofing Otago Ltd.
Insolvency specialists Trevor and Emma Laing, of Trevor Laing and Associates, were appointed joint liquidators.
The pair’s first report said Smith and Co Building was involved in a dispute relating to a building contract which had affected cashflow and its ability to pay subcontractors.
The company provided residential renovation and new build services for about four and a-half years.
The Companies Office website lists Alex Hirini Smith, of Dunedin, as the company’s sole director and shareholder.
The company’s statement of financial position stated just over $124,000 was owed to the Inland Revenue Department, the report said.
Its debt to the IRD related to GST and employee deductions.
Unsecured creditors, including ACC and several construction businesses, were owed about $317,000.
The company’s secured and preferential debts were yet to be established.
The liquidators had also been contacted by former employees of the company, some claiming to be owed wages and holiday pay.
Those amounts were yet to be confirmed, the report said.
The value of the company’s assets, which included vehicles, a trailer and tools, was yet to be established.
The report said there were accounts receivable showing in the accounting system. However, the liquidators were aware several had been disputed.
The next report is due within six months. Mr Smith and Top Notch Roofing Otago Ltd did not respond to requests for comment.