NJ & MS Holdings Ltd is in debt by about $586,000 to Inland Revenue (IRD) and just over $632,000 to unsecured creditors, while staff claims are nearly $35,000.
The company, trading as Point to Point, was placed in liquidation on the application of IRD at the Greymouth High Court on June 30.
An official assignee from Insolvency & Trustee Service was appointed liquidator and released an initial report on August 7.
Previously registered under an office in Greymouth, the company’s sole shareholder and director is listed as Taipua Feast in the NZ Companies Office.
The business was closed after the company was assessed as being unable to be sold or generate enough income to continue trading. Secured creditors have advised they will repossess company assets.
In the report the official assignee said the director advised the reasons for liquidation were a lack of funds to finance legal action, economic conditions, lack of business activity, excessive overheads, inability to collect debts and lack of sufficient working capital.
A failure to provide for taxation, Covid-19 and a breakdown in communication with a client also played against the company.
The official assignee expects to have completed investigating company records, seeking payment for invoices issued for services in the lead up to the courier business being liquidated and carry out other duties by January 15.
Money owed by clients, known as accounts receivable, is estimated at $38,000, with $6500 remaining in bank accounts and the value of vehicles and plant and equipment yet to be determined.
Among the listed creditors are about 17 staff and nearly 20 companies providing finance, banking, IT, fuel, mobile and vehicle repair and other services.
On Point to Point’s website the business offered urgent courier services in Canterbury and across the South Island, same-day truck deliveries and out-of-town runs.
-Allied Media
