Firm's creditors unpaid
A Palmerston North wastewater pipeline company owned by prominent bankrupted Feilding man Ken Thurston has failed to pay back any of the hundreds of thousands of dollars it owes creditors, and is set to leave its liquidators out of pocket as well.
Water Enviro Services, a company owned and directed by Thurston, was placed into liquidation in 2010 after Thurston ran into financial strife.
The company built a pipeline from the former Longburn Freezing Works to Palmerston North, and managed to get the Palmerston North City Council to accept wastewater via the pipeline.
Manawatu District Council had wanted to piggyback on the pipeline to get wastewater into the city.
However, those plans went awry when Water Enviro Services was put under the control of liquidator David Vance of Deloitte.
Since the company went under, the city council had taken control of the pipeline. In his latest liquidation report, Vance said the company had not made any payments to creditors.
While there were no secured creditors, unsecured creditors were owed $674,000. Deloitte had billed $72,000 for running the liquidation, but had only been able to get $18,000, the report said.
The report also showed there was only $4 in Water Enviro Services' bank account at the moment.
Thurston used to live in Feilding, and, at one point, directed 14 companies and owned multiple properties.
However, he was declared bankrupt in October 2010 over a $1 million debt to Milford Sound Redboats.
Various companies he owned were liquidated, including Aotearoa Coolstores. That company left $14m of unpaid debts after the liquidation was completed last year.
Thurston was discharged from bankruptcy in November last year.
- Manawatu Standard
If you had a choice, which would you prefer on Christmas day?Related story: Sun takes a Christmas holiday