Gisborne Drain Company Collapses Under Tax Debt | Auckland News

A Gisborne drain-laying business, Jesse James Contracting, has collapsed under a mountain of tax debt—over $1 million in unpaid taxes, penalties, and interest. Despite efforts to negotiate with Inland Revenue and weather delays from Cyclone Gabrielle, the company couldn’t recover fast enough to avoid collapse. Liquidators reveal preferential creditors may get 50 cents on the dollar, but most unsecured tax debt could go unrecovered. Assets will be distributed in two to three months, leaving many creditors empty-handed—and raising questions about how such a vital recovery contractor fell through the cracks. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d6fdac23375a6031