Receivers are negotiating with interested parties to sell assets of the New Zealand Malt Whisky Company and its associated company Preston Associates to recover about $3.1 million owing to creditors.
However, receiver Duncan Fea, of WHK in Queenstown, does not expect sales of whisky stocks and a Queenstown property to fully recover the shortfall.
The companies, owned by Warren and Debbie Preston, ran the Whisky Cafe and Bar in the historic Loan and Mercantile building in the historic precinct of Oamaru. The business was evicted from the building by the Oamaru Whitestone Civic Trust in February, owing $70,000 in rent.
The companies were placed in receivership on February 26 when they were unable to pay an outstanding $2.925 million debt to South Canterbury Finance, the only secured creditor.
The receivers' first report filed with the Companies Office showed the companies also owed preferential creditors almost $38,000 and unsecured trade creditors about $135,000.
Mr Fea said when contacted yesterday the main assets of the company were about 450 barrels of whisky, of which about 50% was single malt, and a Queenstown property.
"We are negotiating with interested parties and looking forward to results."
He was certain progress could be made within a month.
The company - which started renting the three-storey Loan and Mercantile building in 2005 - operated a cafe-restaurant, general store, whisky barrel room, whisky tasting and art gallery.
