Bleak prospects for creditors

A QUEENSTOWNBASED residential construction company that went into liquidation in March owes more than $2.3 million.

Fowler Homes Southern Lakes was placed in voluntary liquidation by licensee and sole company director John Mansfield on March 15.

Liquidators Colin Gower and Tim Ward, of BDO, said in their second report it was unlikely there would be any funds available for any class of creditor.

Their report shows secured creditors Hagley Building Products, Straightline Roofing and Thwaites Aluminium are owed $105,741, and preferential creditors are owed $52,816.

The bulk of that — $49,496 — is owed to Inland Revenue; the balance is owed to employees.

Unsecured creditor claims total $2,222,311.

Between March and September the liquidators sold plant and equipment valued at $12,861, and preGST funds received totalled $24,485. Total receipts were $41,972. All but $4677 has been paid out since. The majority, $26,124, went to liquidators’ remuneration and another $3518 on liquidators’ expenses.

Fowler Homes Ltd general manager Kerwin O’Malley, of Wellington, said he was unable to comment on the liquidation, but Fowler Homes Southern Lakes was an independently owned and operated business.

‘‘Its relationship to Fowler Homes New Zealand was that it had a licence for the use of the Fowler Homes brand for use in Queenstown and the broader Southern Lakes region .’’

In July, Fowler Homes Queenstown was incorporated. Its directors are Kiana Gilchrist and Jason McGirr, of Queenstown, and Ivan Stanicich, of Christchurch.