Steve Rout Contracting owes creditors more than $5.3 million, and no funds are expected to be available for the 35 unsecured creditors claiming almost $600,000, the second receivers' report says.
The company, owned by Steve Rout, was incorporated in August 1995 and ceased trading last May, at Mr Rout's request, owing more than $11 million to known creditors.
Receivers Stephen Tubbs and Colin Gower, of BDO Christchurch, yesterday released their second report showing "no funds available for unsecured creditors" based on available information.
Of the $5,314,730 owed by the company, secured creditors have laid claim to $4,116,198, including $3,874, 245 owed to UDC Finance.
Preferential creditor the Inland Revenue Department was, on November 2, owed $603,499, with a distribution to be made in the next reporting period.
To date, the receivers have received 35 claims from unsecured creditors totalling $595,023.
The receivers were appointed by UDC Finance last May, with the company at the time owing secured creditors $7,919,161, of which $7,285,320 was owed to UDC.
Other secured creditors were BNZ, John Deere Credit, Toyota Finance New Zealand, Marac Finance, Porter Hire andTraffic Signs New Zealand, and unsecured trade creditors $2,120,138. Since July 3, employee preferential claims for wages and holiday entitlements were paid in full.
The company was placed in liquidation by order of the High Court on August 9 last year and Craig Melhuish and Keiran Horne, of Christchurch, were appointed as joint and individual liquidators.
Since then, the majority of the company's remaining assets had been sold by public tender and net proceeds disbursed to secured creditors. Plant, machinery and other assets, including a shareholding in a joint venture company, are still to be disposed of, and accounts receivable are to be recovered.
