In their initial report to creditors and shareholders, Trevor and Emma Laing, of Laing Insolvency Specialists, said Vision AV was incorporated in 1994 and provided network television installation, servicing and also audiovisual related services.
For many years, the company provided services in the wider Otago and Southland areas and, for most of that time, the backbone of the business had been undertaking installation, servicing and advisory work on a contract basis.
More recently, there had been expansion into highly technical audiovisual services to both commercial and domestic clients.
The company recently received notice that its main contract would be terminated on October 31 and that significantly impacted the viability of the company.
After careful consideration and after seeking professional advice, director Glen Stapley, who was also the majority shareholder, made the difficult but timely decision to place the company into liquidation to limit further financial damage, the liquidators said.
There were 16 registrations recorded on the Personal Property & Securities Register: 12 related to securities to the company banker, being a General Security Agreement, and specific securities over vehicles and the remaining registrations appeared to relate to security over goods supplied.
The liquidators were aware of significant preferential employee entitlements relating to the notice period and holiday pay. The company had Inland Revenue Department liabilities, although it was understood the total was not significant.
At this stage, the liquidators were aware of 55 unsecured creditors. It was too early in the liquidation process to provide an indication as to whether a dividend would be available for unsecured creditors.
