Growing losses claim builder
A Taranaki building company has gone into liquidation only 2 years after starting.
Integrity Developments Limited, whose sole director and shareholder is Inglewood man Derek McInnes, went into liquidation on August 21 and nearly $429,500 in liabilities.
An initial report by liquidators James Gregory Eden and Carolyn Lee Jackson last Wednesday was posted on the New Zealand Companies Office website.
It revealed the company, which started in February 2012, had $266,500 in assets, including a company car and show home, but $429,500 in liabilities - $405,000 of that owed to unsecured creditors.
The company has been trading at a loss for the past 18 months, the report said.
"The losses have been gradually increasing. This has led to the company experiencing cash flow difficulties and thus an inability to meet creditor commitments for some time prior to the appointment of the liquidators," it reads.
The report says when liquidators were appointed the company was prima facie insolvent.
Taranaki Daily News was told McInnes was "not available for comment". Calls made to the liquidators yesterday were not returned.
Companies Office records show McInnes has been a director of three other companies been struck off the register in the past.
It is understood Integrity Developments Ltd was operating the business Competitive Homes Taranaki.
Competitive Homes is a national co-operative of home designers and builders and has offices around the country.
Details for the Taranaki office are no longer on the website but stories about Competitive Homes Taranaki were still available, with McInnes as a contact.
A post in August last year said there were "multiple quotes on the go and leads coming in fast."
Another from October last year titled "No sign of things slowing down" said they had recently put a roof on a house in New Plymouth and an Inglewood job was with the council. Both posts were during the time liquidators say the company was trading at a loss.
Taranaki Daily News