Mexican eatery Alley Cantina, which operated in a lane off George St, closed last June and liquidators Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed in August.
The business was then marketed as an opportunity for a new operator, but no offers had been received that would cover the costs of sale, the liquidators said.
Potential purchasers cited the costs of a refit as a main barrier to making an offer.
An initial appraisal for a sale price had subsequently been reduced.
The sole agency had about a month to go and the liquidators would continue to liaise with the agent to achieve a sale. The landlord had foregone rent while the business was on the market.
Kiwibank was listed as the only secured creditor, with a claim of just over $14,800.
Inland Revenue debt was listed at just over $122,000 while a claim had been received from an employee totalling $25,210.
There were eight unsecured creditors with claims of more than $135,600.
The liquidators expected the liquidation to be completed within the next six months but, given the feedback from the sale of the business to date, a distribution to unsecured creditors was not expected. – APL
