The cladding, roofing and flashing business was put into liquidation in the High Court of Christchurch after an application by Inland Revenue (IRD) on October 16.
The total shortfall owed to creditors includes nearly $647,000 to IRD and 25 unsecured creditors who are owed nearly $480,000.
Idiens’ eight employees were paid in full, including a four-week notice period, after they were let go.
PricewaterhouseCoopers insolvency practitioners Wendy Somerville and Malcolm Hollis said in their first creditors and shareholders report that they were advised the company’s insolvency arose after one of their main machines was damaged in a storm.
This was followed by an insurance claim and dispute, costing about $500,000.
"There was also a debtor of the company that went into liquidation, causing a bad debt write-off.
"Ultimately, the company was placed into liquidation due to unpaid taxes."
The current Phillipstown sheetmetal fabrication company was formed under shareholders and directors Gregory Gentleman and Angela Paterson.
On its website, Idiens was described as being "Christchurch born-and-bred, 100% locally owned with nearly 90 years in the field".
The liquidators put a value on unsecured assets, including industrial machinery, tools, office equipment and a motor vehicle, which will be sold.
Payment is being sought from debtors for outstanding accounts of about $192,000 of unpaid work and, at this stage, there is an overdrawn shareholder account at a book value of about $489,000 still to be confirmed.
Idiens made custom-fit flashings, panels and other fittings for the Christchurch central library Tūranga, the Justice and Emergency Services Precinct, Burwood Hospital and riverfront buildings within The Terrace hospitality and commercial area.
- Allied Media
