Sole director and shareholder of Table 7 Ltd, Stephen Richardson, ceased trading on May 17 and he voluntarily placed the company in liquidators' hands on Thursday last week.
Insolvency Management liquidator Don Millis said in his first report, Mr Richardson had cited ''a sustained downturn in patronage'' as being behind the insolvency.
Mr Millis said total assets and total debts had not yet been determined and it was not yet known if a dividend would be available to pay creditors.
Mr Millis understood there were so far seven unsecured creditors, owed almost $50,000, but it was not yet known how much was owed to six preferential creditors, including five staff, or four secured creditors, the latter including the ANZ bank and local food and beverage suppliers.
He said plant and equipment owned by Table 7, some of which is subject to security registration interests, was being valued, and was likely be auctioned on site.
