No money for Joneses creditors – 04 Mar 2008 – NZ Herald: New Zealand Business, Markets, Currency and Personal Finance News

When the Joneses went tits up they left creditors holding the baby for $6.59 million. The liquidator reckons that there isn’t enough money to even bother having a creditors meeting.

The Joneses had assets of $16,000 cash, $152,000 owed to the business by debtors or in commissions and $30,000 in office equipment.

But any wealth was far outstripped by what the business owed. Liabilities included $524,000 owed to trade and other creditors.
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The cash will now be in the liquidators pocket, they always get paid.