The amount owed by the South Canterbury property management company is yet to be determined

Amanda Gray's company, South Canterbury Property Management Limited, is in liquidation.  (File photo)

Doug Field / Stuff

Amanda Gray’s company, South Canterbury Property Management Limited, is in liquidation. (File photo)

The sole director and shareholder of a struggling property management company in south Canterbury has told liquidators it is unable to continue in business due to difficulties collecting monies owed by tenants.

South Canterbury Property Management Limited, which was solely owned by Amanda Gray, went into liquidation on April 11, with the first liquidators’ report being filed in the companies office on Wednesday evening.

Liquidator Emma Laing, of Dunedin-based Trevor Laing & Associated Limited, said she had only recently been appointed and was still gathering information on Thursday.

It is not yet known how much money the company owes, but the liquidators’ first report shows that there are no secured creditors listed and they are not aware of any unsecured creditors other than a “part of the Inland Revenue debt” which is not preferential.

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The company has IRD liabilities, but the liquidator is still confirming the exact amount.

“Due to the level of prime debt and limited assets, it is not expected that a dividend will become available to creditors,” the report said.

The report says the company, which made headlines last year after Gray failed to file bonds and return money to tenants and landlords, went out of business around mid-2021. .

“… the director informs that she was unable to continue the activity due to the difficulty in recovering the sums due by certain tenant customers, as well as problems due to the non-respect of the obligations of property management.

“These factors have contributed to the company’s current financial condition.”

Gray was the sole employee of the company, operated from a home office and used her personal vehicle, he says.

“The financial accounts provided to the liquidators do not show any significant assets held by the company.”

The property management company’s client list was purchased when the company was incorporated, but the report says it is “now of little or no value”.

“There may be amounts still owed by tenant customers, the liquidators will investigate the collectibility of these amounts.”

Creditors wishing to lodge a claim must contact the liquidators before May 6.

The liquidators expect to complete the liquidation within 12 months.

In May 2021, landlords, tenants and former tenants of Gray spoke about their relationship with her and her property management company – raising concerns that bond payments are not being deposited with rental services and that deposits are not returned when tenants move out.

South Canterbury Property Management was also taken to tenancy court in 2019 for failing to comply with insulation regulations and failing to post the bond within the legal deadlines.

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