Goat Island Dairy Ltd, which was incorporated in 2017, traded as a dairy farm from a leasehold property near Waikouaiti
On the company’s website, director Shaun Thomson said the business, which produced A2 goat milk, started out because of a need for his family; his wife and children had a sensitivity to cow’s milk.
The company, which has multiple shareholders, was put into liquidation by a High Court order last month, on the application of Cranleigh Haulage Ltd. Iain Nellies, of Insolvency Management Ltd, was appointed liquidator.
In his first report, Mr Nellies said the director contributed the insolvency position of the company to under-capitalisation which he had been trying to resolve through seeking funding offshore.
At the time of the liquidation hearing, Mr Thomson was overseas and had arranged funding through a third party.
As of the date of the report, the director had been promised the funding but was awaiting the update from the investor who was living overseas and travelling.
The liquidator was aware of various plant, equipment and vehicles owned by the company and those assets were now under the control of the liquidator and the secured creditors.
Assets included stock of dairy cows, stock of goats, plant and machinery and Fonterra payments totalling $1.145m.
The company has listed an ongoing contract to supply milk with Fonterra and residual payments due from that company for milk supplies would be collected by the liquidator.
There were four known secured creditors with total debt of $856,708.34, six known preferential creditors ($123,274.98) and 17 known unsecured creditors ($702,189.90).
It seemed unlikely there would be funds for a dividend to unsecured creditors, as secured creditors and all preferential creditors such as employee claims, certain Inland Revenue claims and hire purchase contracts must be paid before creditors.
However, that would not be confirmed until a full examination of the company’s records had been undertaken.
