A Dunedin hairdressing salon has been placed in voluntary liquidation, owing almost $150,000 to creditors, but the value of its assets is yet to be determined.
The six-year-old company, Bedggood and Stewart Ltd, which traded as Java Hair Studio, in lower Stuart St, was placed in liquidation by shareholders Kerry Bedggood and Tania Stewart on July 18.
Insolvency Management Ltd liquidator Laura Devine said in her first report on the liquidation the shareholders had been unsuccessful in selling the business, despite efforts over some time.
Several factors had led to the liquidation, including "staffing issues" after the salon was taken over and a loss of clients, which diminished turnover, followed by an inability to meet operational overheads.
Inland Revenue is the only preferential creditor and is owed almost $119,000. Trade creditors are owed $5730 and shareholders' loans total $25,000.
The value of company assets was yet to be determined and it was too early to say whether a dividend would be available to pay creditors, Ms Devine said.
