The cladding, roofing and flashing business was put into liquidation at the High Court in Christchurch after an application by Inland Revenue Te Tari Taake.
A total shortfall owed to creditors includes nearly $647,000 to IRD and 25 unsecured creditors totalling nearly $480,000.
Idiens’ eight employees were paid in full after being let go, including a four-week notice period.
PwC insolvency practitioners Wendy Somerville and Malcolm Hollis said in their first creditors and shareholders report they were advised the company’s insolvency was due to one of their main machines being damaged in a storm.
This was followed by an insurance claim and dispute costing about $500,000.
“There was also a debtor of the company that went into liquidation causing a bad debt write-off.
“Ultimately, the company was placed into liquidation due to unpaid taxes.”
The Phillipstown sheet metal fabrication company formed in 2006 is listed under shareholders and directors Gregory Gentleman and Angela Paterson.
The liquidators have put a value on unsecured assets including industrial machinery, tools, office equipment and a motor vehicle which will be sold.
Payment is being sought from debtors for outstanding accounts of about $192,000 for unpaid work and at this stage there is an overdrawn shareholder account at a book value of about $489,000 still to be confirmed.
Idiens made custom-fit flashings, panels and other fittings for the Christchurch Central Library, Justice Precinct, Burwood Hospital and riverfront buildings within The Terrace hospitality and commercial area.
