Creditors of a Cromwell company placed into liquidation last week may be facing a combined loss of about $74,000.
H&J Building Ltd directors Heath and Janelle Whyte, of Cromwell, put the company into voluntary liquidation on March 2, shocking staff of at least one building contractor which had subcontracted labour work out to the Cromwell firm.
H&J liquidator Trevor Laing, of Dunedin, told the Otago Daily Times an estimated $70,000 could be salvaged from the company, through the sale of a plant and vehicles as well as through redeemed book debts of about $40,000.
Mr Laing said H&J had about 20 unsecured creditors, and what was thought to be a single secured creditor.
The secured creditor was owed an estimated $58,000, while unsecured creditors were owed an estimated combined figure of up to $42,000.
Mr Laing estimated about $40,000 could be owed for PAYE and GST.
About $3800 in holiday pay was also owed to former H&J employees, he said.
Mr Laing said most of the creditors and former employees were based around Central Otago, although such details had not been confirmed.
"These days you have head offices dotted all over the place so it's hard to see where the impact will be," he said.
