Moana Pasifika is facing more than $8 million in creditor claims, according to the first report from liquidators appointed to the collapsed Super Rugby franchise.
The findings offer the clearest picture yet of the financial issues that led to the club being placed into liquidation last month.
The report estimates total creditor claims at about $8.2 million, although liquidators say investigations are ongoing and the final figure may change as claims are assessed.
Of the $8.2 million, about $4.3 million is owed to secured creditors and a further $3.9 million to unsecured creditors.
Among the report's key findings is confirmation that the club's employees - including all playing and coaching staff - are listed among the more than 140 known and potential creditors.
The company employed staff on the date of liquidation.
The report states that all employment contracts were terminated on liquidation, and the liquidators are working with the accounting team and reviewing the company's records to determine amounts owed to employees as at the date of liquidation.
Despite the collapse, New Zealand Rugby and the New Zealand Rugby Players' Association reached arrangements that allowed Moana Pasifika to see out the Super Rugby season.
New Zealand Rugby had previously confirmed to RNZ it would cover player salaries through to the end of July.
Head coach Tana Umaga said the intervention had provided relief for players and staff, who had faced uncertainty since Moana Pasifika's owners, the Pacific Medical Association, announced last month it would disband the franchise at the end of the season.
Source: Stuff.co
Source: Stuff.co
