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					                    LIQUIDATORS’ FIRST REPORT
                       Section 255 of the Companies Act 1993

                        LONG PLUMBERS LIMITED

                                 ( in liquidation )


Long Plumbers Limited (in liquidation) was put into liquidation by a special
resolution of the shareholders at Christchurch on the 15th day of February
2008 at 11.30am. Wayne John Deuchrass and Iain Andrew Nellies of Insolvency
Management Limited were appointed liquidators jointly and severally.


COMPANY DETAILS

Date of Incorporation             26 March 2004

Type of business                  Plumbing

Registered Office                 23 Leinster Terrace
                                  Lincoln

Business Addresses                23 Farnswood Place
                                  Christchurch

Directors                         Bruce David Long
                                  Gary John Long

Shareholders                      Gary John Long                     500 Shares
                                  Bruce David Long                   500 Shares

GENERAL COMMENT

Long Plumbers Limited (in liquidation) was put into liquidation by a special resolution
of the shareholders at Christchurch on the 15 February 2008 at 11.30am.

The company commenced active trading April 2004, when the business was
acquired from a family owned company.

The company was put into liquidation as a result of a number of unresolved issues
between the shareholders. The company has ceased to trade.

COMPANY ASSETS

The liquidators have been advised that there is stock on hand, cash on hand, bank
account, book debts, tools of trade, motor vehicles, office furniture and equipment,
shares and rebates.
An examination of company records once received will be undertaken by the
liquidators to establish whether there are any further assets.

KNOWN COMPANY CREDITORS

Secured Creditors

There is one known secured creditor.

Preferential Creditor

There are five known preferential creditors.

Unsecured Creditors

There are four known unsecured creditors.

Hire Purchase Creditor

There are no known hire purchase creditors.

List of Creditors:

Toyota Finance New Zealand Ltd            P O Box 17-065     Auckland
Plumbing World Limited                    Private Bag11-039 Palmerston North
Stratco (NZ) Ltd                          P O Box 8494       Christchurch
BOC Limited                               P O Box 648        Christchurch
Bruce Long                                19 Cresse Place    Christchurch
Gary Long                                 23 Farnswood Place Christchurch
Sandra Long                               23 Farnswood Place Christchurch
Hamish Long                               23 Farnswood Place Christchurch
Inland Revenue                            P O Box 1782       Christchurch

RESERVATION OF TITLE CLAIMS/SECURITY INTERESTS

Any creditor who wishes to make a reservation of title claim or any security interest
against the assets must inform the liquidators and provide relevant documentation
prior to the 20 March 2008. This may include an initial credit application form and
relevant invoices to identify goods supplied by the creditor, security documents as
well as details of registration under the Personal Property and Securities Act. The
liquidators will not be held to account to any creditor for the proceeds of sale after the
assets are sold.


PROSPECT OF A DIVIDEND

Until all information has been received from the directors, valuations obtained and an
investigation and analysis of the current accounts has been completed it is too early
to determine whether a dividend will become available for the creditors.


NOTICE REGARDING MEETINGS

The liquidators relying upon section 245 of the Companies Act 1993 hereby dispense
with the need to hold a meeting of creditors. You are advised that no such meeting

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will be held unless a creditor gives notice in writing to the liquidator, within 10 working
days after receiving this notice. If you are seeking a meeting please state the reason
that you require a meeting so that an agenda can be prepared, advertised and
creditors can be given full information to vote on any issue by voting letter.

In accordance with section 314 of the Companies Act 1993 a creditor or shareholder
may request the liquidators to call a meeting of creditors or shareholders at any time
in the course of the liquidation to vote on a proposal that a Liquidation Committee be
appointed to act with the liquidators. This request must be in writing.


The liquidator may decline a request by a creditor or a shareholder to call a meeting
on the ground that:
(a)    the request is frivolous or vexatious; or
(b)    the request was not made in good faith; or
(c)    the costs of calling the meeting would be out of proportion to the value of the
       company’s assets. The decision to decline a request may be reviewed by the
       Court on the application of any creditor or shareholder.


SUMMARY
As mentioned earlier until all the information has been received from the directors it
is too early to determine whether a dividend will be payable.


If you have any information that you think may assist the liquidators, you are
most welcome to contact us during normal business hours.
Failing any significant information becoming available, we expect to complete the
administration of this liquidation by 30 September 2008. We expect to report to you
at that time which will be the final communication to you on this company liquidation.


All enquiries in the first instance to Wayne Deuchrass in our Christchurch office:
Level 1
148 Victoria Street
Christchurch
Telephone 03 3773100
Facsimile 03 3776420




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Dated this 25th day of February 2008




__________________________ ________________________
Iain Andrew Nellies        Wayne John Deuchrass
Joint Liquidator           Joint Liquidator

Liquidators’ address:
Level 3 Burns House              Level 1
10 George Street                 148 Victoria Street
P O Box 1058                     P O Box 13401
Dunedin                          Christchurch
Tel 03 479 2635                  03 377 3100
Fax 03 479 2478                  03 377 6420
e-mail: iml@insolvency.co.nz




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                          LONG PLUMBERS LIMITED

                                 ( IN LIQUIDATION )

       STATEMENT OF FINANCIAL POSITION AT DATE OF
                      LIQUIDATION

 ASSETS                                                                       $

 Stock on Hand                                                             15031.03
 Cash on Hand                                                               2778.23
 Bank Account                                                              62895.95
 Tools of Trade               ( Book Value 31/3/07)                         2234.00
 Office Equipment & Furniture ( Book Value 31/3/07 )                        2906.00
 Shares and Rebates                                                     to be valued
 Motor Vehicles                                                         to be valued

 Total net assets                                                         $85845.21


 CREDITORS                                                                    $

 Secured Creditor                                                           21418.47
 Preferential Creditors ( I R D, Wages and Holiday Pay )                    25937.19
 Unsecured Creditors                                                         7571.82
 Shareholders advances                                                  to be determined



 Total amount owing to creditors                                          $54927.48

 Estimated surplus subject to costs of liquidation                        $30917.73



 SHAREHOLDERS                                                                 $

 Share Capital                                                               1000.00

 Total estimated surplus subject to costs of Liquidation                  $29917.73



Disclaimer of Liability: The Statement of Financial Position has been assessed as
at the date of liquidation. The information has been sourced from the company
officers together with the books and records of the company. As yet we have not fully
investigated the validity or otherwise of the information presented to the liquidators
and therefore do not accept responsibility for the accuracy of the information
provided.



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