A liquidator’s report on Truth Publications Ltd (In Liq) dated 21 June 2010 has just today (5 July) been registered on the Companies Office website. It shows the balance for receipts and payments for the period ended 20 April 2010. A six-monthly report from the Liquidator was actually due out by 21 May 2010 informing creditors and shareholders on the conduct of the liquidation during the preceding six months. The report registered today only gives details on a meagre $5,850.79 of receipts comprising Pre Liquidation PAYE Refunds and GST Income. All of this money has been absorbed funding the Liquidator’s Remuneration and Disbursements, covering advertising costs, bank fees and GST Expenses. Whatever funds, however miniscule, are still held by the Liquidator, are subject to further costs of winding up. However, an estimated $622,000 is still owed to “unsecured creditors and subordinated lenders” as revealed in the first liquidation report. [Read more…]