Sixteen Central Otago companies or organisations are listed as unsecured creditors. Mr Laing was appointed liquidator on June 15 and filed his first report on Wednesday.
The Local, a restaurant bar on Dunmore St, ceased trading in mid-May after the landlord, Noosa Holdings Ltd, exercised its rights to re-enter the premises and locked the company out.
Noosa Holdings Ltd, an Invercargill-based company associated with landlords Philip and Sharron Ryn, was owed about four months' rent at the date of liquidation.
The creditor's report shows the company has total liabilities of $134,943 (including $61,000 owed to secured creditors and the $73,943 owed to unsecured creditors).
The company's only assets are the stock and plant and and the liquidator does not expect to realise any more than $24,000 from them. They are still in the premises.
The directors of The Local are Rodney Bowler, Kerry Hondelink and Scott Opetaia. They purchased the business in November 2007 as a trading entity.
Mr Laing's report observes the business had suffered from marginal trading and increased competition, was in a less desirable location away from the lakefront and had limited outside customer areas in summer.
The prospect of any dividend was unlikely to unsecured or preferential creditors and, given the financial state of the company, the liquidator was dispensing with the need to hold a creditors' meeting.
The next liquidator's report is due in January.
