Sports retail business owes $1.2m
Adventure Sports, the company owned by Greg Hall who ran the Stirling Sports stores in Nelson and Blenheim, is in liquidation owing creditors more than $1 million.
His Stirling Sports shop in Nelson's Trafalgar St and a smaller shop in Blenheim closed a week ago.
Geoff Falloon, of Biz Rescue, has been appointed liquidator and has set January 20 as the deadline for creditors' claims.
Negotiations were taking place with prospective new owners for the Trafalgar St store, Mr Falloon said.
His first liquidator's report shows secure creditors are owed just over $1m, the largest being the ANZ Bank which is owed $993,742.
The company owes $108,983 to preferential creditors - staff, taxes and KiwiSaver, and another $147,156 to unsecured creditors which include Nelson and Blenheim businesses.
Its assets are estimated at $572,700, leaving an estimated deficit of $759,820.
Mr Falloon said the proceeds of the sale of assets would be distributed to creditors and that the liquidation was expected to be completed within five months.
The Nelson Mail