Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed joint and several liquidators of JJ Group 2012 Ltd by shareholders resolution earlier this month.
In their initial report to creditors and shareholders, the liquidators said their knowledge at this stage was limited and more inquiries would be required.
The company, whose sole director and shareholder is Jeff Leckie, previously operated a gym from leased premises in Dunedin and ceased to trade at the end of March.
The liquidators had been advised the company assets consisted of some funds held from the sale of gym equipment and some further equipment that was still to be sold.
There were two registrations recorded on the Personal Property and Securities Register, both appearing to relate to items of leased equipment. The liquidators had been advised there were no preferential employee entitlements outstanding.
The company had significant Inland Revenue Department liabilities, the majority relating to GST, and the exact amount of the preferential portion of that debt was being confirmed. At this stage, the liquidators were aware of three unsecured creditors.
Indications were that, due to the limited assets available and the level of preferential debt, it was not expected a dividend would become available to unsecured creditors.
