Boat firm owes $165,000

Havelock Marine Services in Marlborough is more than $165,000 in debt, after being placed into liquidation earlier this year, the liquidator says.

The company's directors and shareholders are listed as William Skinner and Stuart Ward of Havelock, Marlborough, according to the New Zealand Companies Office website.

Liquidators Wayne Deuchrass and Iain Nellies of Insolvency Management Limited were appointed on March 11 by an order in the High Court at Blenheim, based on the application of the Commissioner of Inland Revenue.

Mr Deuchrass said the company owed $165,237.10 to secured creditor Westpac Bank New Zealand, unsecured creditors Inland Revenue, the New Zealand Transport Agency and Federal Express Pacific, and preferential creditor Inland Revenue.

The liquidators' first report said the directors attributed the insolvency to a downturn in the economy and a lack of work in the industry, which resulted in a lack of income to cover overheads.

The company traded as a boat repair business.

It was incorporated in August 2007 and ceased trading in November last year.

The Marlborough Express