Shearing firm unable to pay tax penalties

COLLETTE DEVLIN
Last updated 05:00 17/11/2012

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Southland Wide Shearing Limited was put into liquidation by the Inland Revenue Department for falling behind on payments, a liquidators' report says.

Keiran Horne and Lynda Smart, both Christchurch chartered accountants, were appointed joint and individual liquidators of the company in October.

Their first report says company director Roger Thomas Kidd was unable to cope with accumulating penalties and interest on payments owed. A statement of company affairs at the time of liquidation says the estimated surplus/deficit to creditors is $1,120,720.

The report says there would be no funds available to pay unsecured creditors and there would be insufficient funds to pay preferential and secured creditors. Recovery actions against voidable transactions and actions against other parties could bring in more funds. Assets will be sold.

The liquidation is expected to be completed by May 2013. collette.devlin@stl.co.nz

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