Aqua Adventures owes nearly $874k
Bluff-based company Southern Aqua Adventures Ltd owes its creditors $873,433, including $96,000 to the Inland Revenue Department.
The company was placed in receivership in June, following a default in the terms of a demand and was not trading at the time.
The receivers' first report published this weekshows secured creditor Westpac is owed $599,358, while unsecured trade creditors are owed $177,681.
Talley's Fisheries Ltd, Rent Plus Funding Ltd, Altex Coatings Ltd and Technology Holdings Ltd were also on the summary of secured creditors but it does not say how much they are owed.
Stephen Tubbs, chartered accountant, and Colin Gower, insolvency practitioner, both of Christchurch, were appointed joint receivers.
Companies Office records show Michael Lewis John Haines, of Bluff, as a director of the company.
It was the same dive firm that had a great white shark partially enter its shark cage in February.
Yesterday, Mr Haines said he had not yet read the report.
"How would you feel to lose everything?" he said. "It's not all creditors, a mortgage is involved."
The company's principal assets include a 22m catamaran, 12m Stabicraft, various fishing rods, reels and diving gear, which Neil McArthur, of Gulf Group Marine Brokers, would market for sale, the report says.
The company had received several deposits for bookings for December 2012 onwards.
In the report, Mr Tubbs says the process of realising the company's assets was not yet complete but it was unlikely funds would be available for unsecured creditors.
The assets were expected to be sold by November 20.
The company was also put into liquidation earlier this month.
Official Assignee, Insolvency and Trustee Service was appointed liquidator. Its first report will be published next month.
- © Fairfax NZ News
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