Redback Tiling, which provided tiling services in the Central Otago area, was placed in liquidation on February 23 by special resolution of the shareholders and Brenton Hunt, of Insolvency Matters, was appointed liquidator.
The company had been struggling with working capital for some time and, according to director and shareholder Joshua John Bell, revenue levels had dropped in recent months to a level where the business was no longer sustainable.
The director sought professional advice and decided to place the company, which was incorporated in 2021, into voluntary liquidation, Mr Hunt said in his report.
The company bank account was in overdraft at liquidation and initial investigations indicated an overdrawn shareholder current account.
GST and PAYE was estimated at $200,000, while unsecured creditors were owed $150,000.
At this stage, it looked unlikely sufficient assets would be realised to make payment to any class of creditor. — Allied Media
