Liquidator's filings have revealed that Queenstown-based Hartland Construction Ltd owes creditors more than $1.6 million, with a deficiency in funds available to pay creditors of almost $1.3 million.
Hartland once held the G.J. Gardner Queenstown franchise, until termination in January, and was initially placed into voluntary administration in May, but following a creditors' meeting in late-July it was placed in liquidation, overseen by Auckland-based BWA Insolvency Ltd.
In the liquidator's first report to the Companies Office, Bryan Williams said the company's affairs would be investigated, but gave no indication at this stage where respective creditors stood.
He said total claimants were owed $1.61 million and $322,989 was available for distribution, with a "total deficiency as against all claimants" of $1.29 million.
Hartland's record of creditors was $1.5 million, which had to be confirmed, and it was yet to be determined if there was any income tax owed.
Hartland was the seventh franchise-related building company to have been in financial difficulties in Otago during the past seven years, with several million dollars in total owed to creditors.
There is a list of more than 50 creditors involved in the Hartland proceedings, largely from Queenstown, but including several Auckland-based suppliers.
Mr Williams estimated the liquidation would be complete by July next year, then Hartland would be removed from the Companies Office register by about October.
