In their report, the liquidators said that despite its market position, The Olive Press “was not profitable” and continued trading with the support of loans and shareholder advances.
“The ultimate reason for the liquidations was due to insufficient cash or investment to complete the current season’s harvest.”
According to their report, Inland Revenue is owed an estimated $76,000 in preferential claims.
Around $1.7m is owing in related party loans and a further $993,480 in shareholder advances.
The liquidators said assets comprise 14 grove licences, harvesting machinery, and oil processing equipment.
Last week, Rodney Lingard, director of The Olive Press, said the shutdown did not bode well for the national industry.
“As the country’s only registered wholesaler of certified premium olive oils, the company’s closure means local food service customers will need to revert to sourcing inferior imports, assuming these are even obtainable given the escalating disruption to global supply chains.”
Lingard said the company’s registered grove owners throughout the region would be hit hard by the liquidation, with few options for dealing with their commercial crops.
“Our former growers face a disheartening choice: they either sell their premium-quality fruit to another commercial processor or distributor outside the region, or they simply leave the olives on the tree.”
He said the company’s shareholders were “devastated”, they had decided “to accept it’s time for our two families to move on”.
According to Companies Office records, John Lockie, Robin Lockie and SRHB 2006 Trustee Company Ltd own the remaining 0.08% shares in The Olive Press.
Rodney Lingard and Katrina Bach each own 35% of IL Falcone Investments, while Garry Lingard owns 30%.
