“The liquidators have been advised that the reasons for the liquidation of the company were poor health conditions of the sole director, increased costs to the company’s building project works and cashflow difficulties,” the report said.
Selah said it was founded in 2007 “with a focus on delivering high-quality home design and building services across Auckland. Our passion to create beautifully crafted homes continues on today”.
Social media posts show it build homes at waterfront locations, at Riverhead, and in new subdivisions.
Three unsecured creditors want $69,000 but the Waterstone accountants said they were aware there could be other creditors as well, as they asked for people owed money to provide details.
One company claiming money had expressed dissatisfaction about the business earlier this month.
“Our company is among those owed a substantial amount of money due to Selah Homes’ liquidation. It is not just the financial loss,” the creditor said.
A claim would be made but whether funds could be recovered was uncertain.
The liquidators said Matakana Building Centre, Town and Around Fence and Gate, Hi Qual Doors & Stairs, All about Developments, Fujifilm Business Innovation, Base Up Auckalnd and Chesters Plumbing and Bathroom Centre were other secured creditors.
Whether any of these businesses are owed money is not yet known, as investigations are continuing.
Total liabilities remain unknown, including Inland Revenue debt or preferential creditors.
The value of fixed assets has been withheld. But book values for accounts receivable and advance payments sourced from information on Xero show current assets include accounts receivable of $15,000 and advance payments of $18,900.
Covid-19 wage subsidy data showed Selah got $36,000 for six paid employees when the pandemic struck in 2020, then a further $39,000 when Selah doubled staff numbers to 12 employees a year later.
The lockdown meant almost every building job stopped for weeks at a time.
Waterstone cannot say if any money will be available for distribution from the Selah liquidation or when they will conclude their work on it
NZME’s Business Desk has reported Companies Office figures revealing liquidations made up about 90 per cent of all appointments, with 1839 of those in 2023.
Across the 12 months, there were 103 receiverships and 43 administrations.
Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.
