Another Queenstown building company’s gone under.

Queenstown Construction Group, incorporated in December, 2018, went into liquidation last month.

Its sole director and share holder is Nathan Farrell.

In their first report, liquidators Simon Dalton and Benjamin Francis, of Gerry Rea Partners,
say the company was put into liquidation by shareholders’ resolution on September 22 after Farrell identified the construction business couldn’t pay its debts as they were due.

After getting professional advice, he resolved to liquidate.

The statement of affairs shows there’s an estimated deficit of $291,839.

While fixed assets, accounts receivable and a related company loan account total almost
$414,000, the estimated amount to be realised from that’s unknown.

Cash at bank is $2218.

Preferential creditor Inland Revenue is owed $36,692, while the 46 unsecured creditors, including several Whakatipu businesses, are owed $257,364.

The liquidators say having regard to the assets and liabilities of the company, and ‘‘the likely result of the liquidations’’, they’ve decided to dispense with a creditors’ meeting, but any creditors who believe they have a security interest or a retention title over assets owned or con trolled by the company, have till October 28 to file a creditor claim form.