Pauanui owing more than $100,000 to Coromandel businesses

Lake Resort PauanuiThe failed Pauanui Lakes Resort owes more than $100,000 to Coromandel businesses, which include a liquor retailer, a Pauanui electrician and a local radio station. It seems that all of them would lose tens of thousands of dollars and won’t receive pending payments.  

It should be noted that these three companies are not the victims alone, in fact there are many other which suffered due to the collapse of the plush golf resort and associated companies which went into liquidation on Friday.   

The slow section sales and mounting debts have put adverse affect on the resort, including $1 million owed to the Inland Revenue Department.

While Tairua liquor supplier Golddiggers is owed almost $50,000, Pauanui electrician Paul Schrader, of Short Circuit Electrical, is owed about $9000.  

It was put forward by Hamilton liquidator Dennis Parsons that there would be shortfalls on the Lakes Resort balance sheets.

He added, “In Pauanui Lake Properties there could be millions lost on the balance sheet by the looks of it. And as it stands there will be one payment to one creditor for that company.”

It would be worth mentioning that linked company The Lakes Restaurant and Bar Ltd, which was placed into liquidation in February is the company to which many of the suppliers' debts relate. However, many of those suppliers will also be owed money from the resort's latest batch of failed companies.

(Via TopNews New Zealand. Contributed by Manish Verma)