Harsh economic times have been cited as the reason for the liquidation of a Wanaka interior design business.
Wanaka Interiors, which was incorporated in March 2022, was placed in liquidation by shareholders resolution last month.
In their first report, liquidators Trevor and Emma Laing, of Laing Insolvency Specialists, said the business, owned by Celeste and Isaac Benefield, provided interior design services and retail of high-end home goods.
Economic conditions resulted in declining revenue and the decision to close the retail operation was made. The decision was then made to formally wind down the business, new tenants were secured for the company’s leased premises and company assets were realised.
There was insufficient value to repay creditors. The shareholders were unable to provide any further funding or support and the company was placed in liquidation.
The remaining company assets comprised unsold sundry plant and stock items, funds held in the company bank account and a small number of accounts receivable.
There were six registrations recorded on the Personal Property & Securities Register, one registration related to a general security agreement from the company banker, the remaining related to security over goods supplied or leased items.
The liquidators had been advised that all entitlements to previous employees had been paid in full.
It was understood the company had outstanding Inland Revenue Department liabilities relating to recent GST. The exact amount of the preferential debt was being confirmed and it was not expected to be significant.
At this stage, the liquidators were aware of 42 unsecured creditors, owed just over $98,000 and, given the limited remaining assets available for realisation, it was unlikely there would be a dividend payment for them. — Allied Media
