Otago Excavation is owned by Burns Group 2018 Ltd and its sole director is listed as Dunedin man Malcolm Burns.
The second receivers’ report, released this week, said it engaged Manheim auctioneers to actively market and realise all of the company’s assets through its independent online auction process.
"At the date of this report, 19 vehicles have been sold for a total sale price of $348,000, net of auctioneer costs and commission," it said.
The report said most of the company’s plant and equipment had also now been realised through Manheim’s online auction process.
At the date of the report, 14 items of plant and equipment had been sold for a total sale price of $12,000 (GST exclusive), net of auctioneer costs and commission.
The plant and equipment were mainly excavator attachments, compactors, saw cutters and pumps.
"We anticipate that all company vehicles, plant and equipment capable of realisation will be realised within the next reporting period," the report said.
It also acknowledged the money due to finance company PFNZ, either directly or through cross guarantees that it held, totalled $899,000, plus accrued interest.
Money due to Kiwi Asset Finance totalled $2.02 million plus accrued interest, of which $256,000 specifically related to the company while $1.76m related to cross guarantees.
When the receivers were appointed, the company’s two employees lost their jobs.
- Mr Burns has recently been listed as a director of two new companies, Full Circle Global Ltd and Southlog Ltd.
