Dunedin family company Christie Garden Products has been placed in voluntary liquidation by owner David Christie, owing almost $600,000.
While assets are yet to be determined against the $594,026 debt, Insolvency Management Ltd liquidator Gus Jenkins said yesterday he was in discussions with a "prospective purchaser" and was hopeful that by next month a decision might be made on its future.
Christie Garden Products, which was incorporated in 1987, was placed into liquidation with Insolvency Management on May 13 by Mr Christie and co-director Earlene Christie.
The company was previously run by Bill Christie.
The company manufactured garden products; mainly sheds and glasshouses and traded out of South Dunedin, with two employees working with Mr Christie.
At present there are 36 known unsecured creditors, owed more than $109,000, four preferential creditors, including Inland Revenue, owed more than $56,000 and six secured creditors, with security interests registered with the Personal Property Securities Register, who are owed more than $427,000. The latter creditors include the ANZ bank, Steel & Tube and Marac Finance.
Mr Jenkins said until the value of all assets could be determined, it was not possible to determine whether a dividend would be paid to creditors.
