Richard Raymond KC acting for White Island Tours Ltd at the Whakaari White Island sentencing sentencing hearing in the Environment Court, Auckland, 26 February 2024. Photo: RNZ / Marika Khabazi
Liquidators of failed Whakaari White Island tour company White Island Tours have been able to realise only $53,839 in assets - but have outlined more than $8 million in debts.
Liquidators Gareth Hoole and Ray Cox of Ecovis KGA have issued their six-monthly report.
The company was put into liquidation on 7 June.
22 people died and 25 others were injured when the island - a popular tourist site - erupted in 2019.
The company, which took visitors to the island via boat, was fined $517,000 and ordered to pay $5 million in reparations to the victims.
The liquidators said they had realised just under $54,00 in assets in the first six months of the process and had made payments of $12,682 associated with the costs of the liquidation.
A balance of just over $41,000 was left in the liquidators' trust account at the start of December.
The company had no employees when it went into liquidation.
Liquidators had paid $2034 to Inland Revenue for a pre-liquidation GST return.
There were unsecured creditors' claims of $8.539 million, including the Ministry of Justice fine, legal fees of $4067 and a shareholder loan.
The liquidators noted a coroner's inquiry into the incident was under way.
"The liquidators will be engaging with coroner to confirm if the company's shareholder, Ngati Awa Group Holdings Limited, can be accepted as an interested party in place of the company in those enquiries and if the liquidation needs to remain open whilst those enquiries are being conducted."
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