Former park trust had less than $1000 in bank

The former Molyneux Park Charitable Trust had $995.22 in its bank account and no physical assets when it was placed into liquidation, the second report of Insolvency Management Ltd says.

The trust was put into liquidation in February by an order of the High Court at Dunedin on the application of Richard McAlevey.

Mr McAlevey was employed by the charitable trust as a groundsman but was found by the Employment Relations Authority to have been un-justifiably dismissed in November 2009 and was awarded more than $25,000.

He was the only creditor to make a claim, claiming a total of $32,765.37, of which $3143.89 is the court costs related to his application to have the trust placed into liquidationThe trust was in the process of winding up. It had ceased operating in July 2010 but had not been formally dissolved.

Trust assets had been ''disposed of'' in late 2011, Insolvency Management's report says.

The liquidators are continuing to review trust records, including the disposition of the assets.

It was not known when the liquidation would be completed.

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