Negotiations are still under way and potentially both Madly British and the Palms Restaurant could be put up for sale as going concerns.
Dunedin Future Ltd, which was trading as the Palms restaurant at Queens Gardens, is estimated to owe more than $207,000, while Above the Line Ltd, trading as Madly British, in the Exchange, is still being assessed by Insolvency Management Ltd.
The hospitality outlets were both placed, separately, in the hands of Insolvency Management in mid-March following voluntary liquidations.
When contacted, liquidator Iain Nellies said the Palms traded as a restaurant until the day before it was placed into voluntary liquidation. The directors said insolvency came from a decline in turnover and ''cashflow difficulties''.
There were six known secured creditors with registered security interests, nine known preferential creditors and 35 known unsecured creditors.
Mr Nellies was unable to confirm yet if unsecured creditors would receive payment, but it was ''unlikely'' as the secured and preferential creditors had first claim on funds.
While the total sum of assets was still being evaluated, Mr Nellies said a total of $207,632 was owed to creditors; $136,000 to secured, $31,500 to preferential and $39,800 to unsecured creditors.
Above The Line (NZ) Ltd, which traded as Madly British, had as sole director, Sudhanshu Ohri, who was a 50:50 shareholder with Raunaq (Ronnie) Bhogal, the latter a former Christchurch restaurateur and the front man for Madly British.
Mr Nellies, who was still assessing both assets and debts, said a ''number'' of creditors held security interests over equipment, while a bank held security over other, unspecified, company assets. There were known to be six secured creditors, five preferential and 19 unsecured, but Mr Nellies was not yet able to determine if a dividend would be available.
