A Canterbury civil engineering and construction company is in liquidation owing creditors more than $1.8 million.
Civil and Land Construction Ltd worked in road-building, earthworks and other construction until it stopped trading.
It was placed into liquidation by the High Court at Christchurch on November 27 after an application by Inland Revenue.
PwC insolvency practitioners Wendy Somerville and Malcolm Hollis were appointed liquidators.
In the first liquidators’ report, their total estimated shortfall follows Inland Revenue filing a preferential claim of just over $807,000 and nine unsecured creditors owed nearly $1.08m.
Further claims are expected to follow and about $47,000 is owed to former employees.
Civil Land Construction registered as a company in 2007 with a website showing it was based in Amberley.
The liquidators were unable to confirm if creditors could be repaid.
They had been advised the company became insolvent because of previous disputes about the purchase of the business and associated legal costs.
Sole shareholder and director Jacobus Brand had responded to a request to provide company books and records, they said.
"We have since entered into sales and purchase agreements with three separate parties for the sale of the majority of the company’s assets, achieving total proceeds of nearly $260,000."
An online sale would be held for the rest of the assets by the end of the month.
Just over $204,000 has been identified as being owed for unpaid work. About $94,000 of this had since been recovered.
The liquidators said they were yet to talk to the shareholder about the repayment of an outstanding account of $1.04m.
— Allied Media
