A Cromwell organic Thai restaurant business, connected to a failed North Otago organic vegetable operation, has been placed in liquidation.
Brenton Hunt, of Insolvency Matters, was appointed liquidator of Organic Thai2Go Ltd earlier this month after the company was placed in liquidation by special resolution of shareholders.
In his first report, Mr Hunt said the company ceased trading on September 21, three years after it was incorporated.
The reasons given for the insolvency included the main supplier of vegetables being placed in liquidation and steadily declining revenue.
In June-July, staff members went on annual leave and working cashflow became constrained, as the firm continued to pay operating costs while not open.
Staff members resigned and returned overseas and, with no staff to run the restaurant, the director decided to place the company in liquidation.
The company bank account held modest funds at liquidation while restaurant equipment was to be collected and sold at auction.
Initial investigations did not indicate an overdrawn shareholder current account.
Inland Revenue Department GST and PAYE was estimated at $15,000, and unsecured creditors were also estimated at $15,000.
Atsuko Porteous was listed as the sole shareholder while James Porteous was the sole director. Mr Porteous was also director of vegetable growing business Organic Solutions Ltd, which traded as Oamaru Organics, and which went into voluntary liquidation in May owing more than $1 million. Associated company Southern Organics was placed in voluntary liquidation the same day, owing more than $300,000. — Allied Media
