The demise of Dunedin's Tamahine Knitwear has taken a turn for the worse as debts of more than $4 million stack up under the receivership of its owner, Algie Agencies Ltd.
Ken Algie, of Algie Agencies, pulled Tamahine back from the brink of closure by buying the company in mid-2008, but 18 months later its main funding line, Auckland finance company SH Locke (NZ) Ltd, placed Algie in receivership, itself now seeking more than $1 million.
The list of creditors, outlined in receivers Deloitte's first report yesterday, reveals more than $4 million owed to Locke, preferential, secured and unsecured creditors, although realisations from asset sales are yet to be finalised.
However, for 89 unsecured creditors - ranging from police being owed $160 in fines, through to family trusts owed more than $100,000 - there may be little or no cash left for payments, receivers say.
