The first liquidation report for My After School Headquarters (Mash), by Insolvency Matters’ Brenton Hunt, said the insolvent company’s bank account contained "modest" funds at liquidation.
Further, the report said there was an estimated $100,000 the company owed to unsecured creditors and it was unlikely any would get paid.
Green Island School principal Aaron Warrington said the school had written off the sum the company owed it for using school grounds and facilities.
But that amount was about the same as what was owed to parents — and the money would "make a bigger difference to them than us", Mr Warrington said.
After Mash’s woes started making news late last month, it was the stories of out-of-pocket parents and staff who thought they were working for a business that cared about children that affected him.
Staff had turned up to work even though they were not getting paid, because they did not want to let the children down.
"That makes me angry as a human being, that parents gave their money in good faith that they were going to get a service and that staff thought they were doing something worthwhile, working with kids, and they’ve been let down," he said.
After a brief off-the-record conversation with the Otago Daily Times last week, the company’s managing director, Craig Fortune, has failed to respond to any of the newspaper’s repeated requests for comment.
Nevertheless, before going into liquidation last Friday he told Christchurch’s Chris Lynch Media that the company, which also operated in Canterbury and Nelson, was owed about $800,000 by parents yet to make payments.
Mr Warrington said if Mr Fortune were to prove that claim he would have "all the sympathy in the world" for his plight.
However, the liquidator’s report made no note of it.
It said the company was insolvent, it had been unable to pay its management fees and related-party companies had been placed into liquidation.
Mash owed Inland Revenue an estimated $5000.
Unsecured creditors were estimated to be owed a further $100,000, it said.
The report said it was not possible to say definitively whether enough assets would be realised to pay any class of creditor "but it is looking unlikely".
Mash once operated in seven Dunedin schools.
The company’s website says it is hiring.
