Gloriavale-owned Forest Gold Honey in liquidation owing more than $1m
A manuka honey manufacturer owned by the Gloriavale Christian Community is in liquidation owing more than $1 million.
Brenton Hunt of Insolvency Matters was appointed liquidator of Forest Gold Honey Limited on November 27.
According to Companies Office records, Alpine Health Manufacturing New Zealand Ltd owns a 100% shareholding in Forest Gold Honey. Gloriavale’s Abraham Pilgrim and David Stedfast are directors of that company.
Alpine Health Manufacturing’s registered address is 189 Heaphy Road, Haupiri, the same as that of Gloriavale Christian Community.
Mark Christian is the sole director of Forest Gold Honey, Companies Office records show. All three men are listed at the address 28 Heaphy Road, Haupiri.
The liquidator’s report outlined three reasons for Forest Gold Honey’s insolvency.
The first was the company experienced weaker sales than expected. It also struggled to find appropriately trained staff.
Thirdly, the report said one customer had fallen outside credit terms.
The liquidator’s report shows an estimated shortfall to all creditors of $450,000.
Unsecured creditors are owed $1.1 million.
There are no known preferential creditors, the liquidator said.
Creditors include Inland Revenue, Christian Partners, New Zealand Sugar Co and Mountain Gold Honey.
The company has assets totalling $650,000, including $500,000 under “accounts receivable” and $150,000 in inventory.
The liquidator said the remaining inventory would be sold off. The company leased the majority of its plant and equipment from a related party company.
The report said the company had been involved in a Ministry of Primary Industries (MPI) prosecution.
MPI declined to comment on the matter as it was still before the court.
The Herald has contacted Forest Gold Honey and the liquidator for comment.