A Christchurch construction company has been placed into liquidation owing an estimated $500,000 to unsecured creditors, with little chance of repayment, while the whereabouts of its director remain unknown.

Three60degrees Limited was put into liquidation by the High Court on 5 March, with Brenton Hunt appointed as liquidator.

In his first report, Hunt said the company was insolvent and early investigations suggest there are unlikely to be any funds available for unsecured creditors.

The company, incorporated in 2018 and based in Addington, operated in the construction sector under the trading name Three60Degrees.

The liquidator said he had been unable to speak with director Joshua Stevenson to determine the company’s history or the reasons for its collapse.

It’s understood he may have fled New Zealand.  Initial findings show the company has few identifiable assets.

Bank accounts had been closed before liquidation, company vehicles appear to have been sold prior to the collapse, and only a modest amount of office equipment has been identified, with its location still unknown.

The report also identified an overdrawn shareholder current account, which is now under investigation.

Former staff have come forward claiming unpaid wages and holiday pay totalling about $10,000, while unsecured creditor claims are estimated at $500,000.

Several secured creditors are also listed, including construction and trade related businesses.

Hunt said investigations are ongoing into the company’s financial records, including the use of company funds and any transactions leading up to the liquidation.

He will also examine whether the director breached obligations under the Companies Act, including trading while insolvent. If breaches are identified, the liquidator may seek to have the director held personally liable through the High Court.

The report said the last completed financial accounts were from March 2022.

At this stage, Hunt said it is unlikely there will be any return to unsecured creditors, although this will depend on the outcome of ongoing investigations.

The liquidation is expected to take about 12 months to complete.