Timaru plumbing and building contractor GFY Ltd has gone into liquidation by a court order owing Inland Revenue (IRD) about $915,000.
The company folded because of a failure to provide for taxation.
The official assignee from the Insolvency and Trustee Service was appointed as liquidator on June 12 after the IRD initiated proceedings in the High Court at Christchurch.
The business was registered in 2019. Murray Bartlett is named by the NZ Companies Office as the sole director and shareholder.
In the first liquidator’s report, the official assignee said the director would be interviewed and company records obtained to determine 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 stopped trading at the date of liquidation and the liquidator was investigating whether to close or sell the business as a going concern.
So far, the official assignee calculates the funds at hand to be $18,860. Almost all of this is owed to the business for unpaid goods or services delivered.
An estimated $915,122 is owed to Inland Revenue.
A list of creditors has been initiated. There are 11 unsecured creditors, which include businesses in the building supply, financial, scaffolding and debt services sectors.
Mr Bartlett is also the sole shareholder of Nexus Services Ltd, which was put into liquidation on July 24 under a court order after an application by Buffer Premium Ltd.
