Timaru plumbing and building contractor GFY Ltd has been placed into liquidation by a court order due to outstanding debts of approximately $915,000 owed to Inland Revenue (IRD).
The company collapsed due to its failure to meet tax obligations.
The official assignee from the Insolvency and Trustee Service was appointed liquidator on June 12 following the IRD’s initiation of proceedings in the High Court at Christchurch.
In the initial liquidator’s report, the official assignee stated that Murray Bartlett, named by the NZ Companies Office as the sole director and shareholder would be interviewed and company records reviewed to assess GFY’s assets and liabilities.
“The liquidator will complete a full investigation into the company records to determine if there are further assets to be realised, shareholder’s current account to be claimed or any irregular transactions to be clawed back. It is expected that this investigation will be completed within six months.”
The business ceased operations and the liquidator was examining whether to close it or sell it as a going concern.
To date, the official assignee estimates the available funds to be $18,860, with nearly the entire amount representing money owed to the business for goods or services provided but not yet paid for.
The total amount owed to creditors has not yet been finalised, but the debt to Inland Revenue stands at $915,122. A list of creditors has also been compiled, including 11 unsecured creditors from various sectors such as building supplies, finance, scaffolding, and debt services.