Revolving Investments Ltd, trading as Fisher Windows Otago, was placed in voluntary liquidation by owner Eric Vaafusuaga on April 26.
The first report by liquidators of Insolvency Management Ltd in Dunedin, said secured creditors were owed $570,000, six preferential creditors, including Inland Revenue, were owed $113,000 and 83 unsecured creditors are owed $205,000.
Liquidator Iain Nellies said in the report, "On the information currently available to the liquidators, it is highly unlikely that there will be funds available for a dividend to creditors, given the amounts owed to the secured and preferential creditors".
The value of the company's assets were still being determined, he said.
Mr Vaafusuaga was owed more than $200,000 by two debtors, and legal proceedings had been started by him against one debtor. Mr Nellies yesterday said those debts were being pursued.
The report said Mr Vaafusuaga had been attempting to "recover a large debt for some time", but the level of the "ongoing debt was too great for the business to continue to bear," - prompting the voluntary liquidation.
Mr Nellies said the total amount owed to creditors, or estimated deficit to them, was was yet to be determined. The liquidation was expected to be completed by October 31.
