Trevor Laing and Emma Laing, of Laing Insolvency Specialists, were appointed joint and several liquidators earlier this month of Nashcon Ltd.
The sole director and shareholder was listed as Rynan Nash, of Mornington.
In their initial report to creditors and shareholders, the liquidators said their knowledge at this stage was limited and more inquiries would be undertaken.
The company was incorporated in April 2013 and provided residential construction services. It ceased trading about November 2022.
The director advised it received incorrect accounting advice that resulted in Inland Revenue Department debt then causing issues with cashflow.
The company engaged new accountants and had repaid the majority of that debt but Covid-19 shutdowns affected its ability to keep up with new obligations.
Those circumstances combined with a long delay in starting a large fixed-price contract. As a result of the delays and material prices increases, the company made a loss on that contract.
The director sought professional advice and decided continued trading was not sustainable.
The company assets consisted of some vehicles and tools of limited value. Company records showed accounts receivable that were outstanding, however the liquidators understood those were mostly disputed.
The value of assets was yet to be established while liabilities were estimated at $164,666.13c.
A further report or final report would be prepared and distributed within the next six months.
