Company sells petrol station owing $1/2m

Last updated 06:55 17/02/2014

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The former owners of Challenge Picton are in debt almost half a million dollars.

The first liquidator's report released last week said that Andrew and Jacqueline Swanson's company, Swanmonk Limited, owed $485,891 to 30 creditors.

Their company was put into liquidation on Saturday, February 1 and the business was sold last Thursday.

Liquidator Geoff Falloon, of BizRescue in Nelson, said he estimated the service station would reopen under new management this week.

Swanmonk's liquidated assets are estimated to be worth $256,074, his report showed.

This money would cover the debt to their secured creditors and some of their debt to Inland Revenue, but not the unsecured creditors, he said.

The company owed $101,033 to seven secured creditors, including Farmlands, Rockgas and Marac/Heartland Bank, among others.

The company owed $10,550.68 to 21 unsecured creditors.

TyreMax was owed the single largest sum of $1537.32.

Picton Tool and Tyres, Yum Yum Distributors and Marlborough District Council were among the unsecured creditors.

Mr Falloon's report said the liquidation process should be completed within five months.

Andrew and Jacqueline Swanson were no longer involved with Challenge Picton and had moved their mechanical workshop to Dublin St.

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- The Marlborough Express

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