Gisborne logging company collapses, owing creditors $1.7 million

A Gisborne logging company's liquidation resulted in only $1.79 recovered, with creditors owed nearly $1.7 million. The company failed to account for taxation and suffered income loss due to seasonal flooding, leading to its insolvency. Secured, preferential, and unsecured creditors are all unlikely to recover their funds. The liquidator found no assets for distribution. The company director has been approached for comment.