Christchurch company CProPainterPlaster has collapsed owing Inland Revenue an estimated unpaid tax value of over $1 million.
The business working in the house construction industry went into liquidation under an application filed by the IRD at the Christchurch High Court on July 10 with the New Zealand Insolvency and Trustee Service appointed as liquidator.
In the first liquidators report released on August 15 the cause was understood to be a failure to account for taxation.
The liquidator was working to establish communication with sole director and shareholder, Christopher Pabaira, to obtain the company’s financial statements and position.
CProPainterPlaster is estimated to have just under $2000 in available funds.
The liquidator has received creditor claims of a total of just over $57,000 from UDC Finance, Oxford Finance and Bizcap NZ.
The IRD is owed about $1.048m, bringing total estimated claims to just over $1.1m.
The New Zealand Insolvency and Trustee Service is investigating data bases and other services for further potential assets for creditors.
— Allied Media
