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Creditors could be out of pocket by nearly $8 million following the placing in liquidation of NZ Wagyu late last month.
In his first report, liquidator Brenton Hunt of Insolvency Matters says Christchurch-based NZ Wagyu owes 142 secured and unsecured creditors an estimated $10.4m but the initial estimate following the liquidation of assets is that there will be a shortfall to all creditors of $7.774m.
The list of 131 unsecured creditors consists of mainly farmers, transport companies, contractors, stock feed suppliers and rural servicing business.
The 11 secured creditors are financers and some suppliers.
Staff are owed wages and holiday pay of $189,000 and Inland Revenue $915,000.
NZ Wagyu was incorporated in Ma…
Read the full article at: https://www.farmersweekly.co.nz/news/shortfall-of-8m-as-nz-wagyu-goes-bust/