KEY POINTS:
Real estate chain The Joneses is in the red to the tune of $6.5 million and there is no money left for unsecured creditors, the liquidator's report shows.
In his report, Mike Lamacraft of Meltzer Mason Heath said there was no point in even holding a creditors' meeting.
The Joneses went into voluntary liquidation last month after ditching plans to raise capital by listing on the Stock Exchange alternative market.
Lamacraft's first report found a shortfall of $6.59 million which he listed as the estimated total deficiency for unsecured creditors.
"As it is unlikely there will be a distribution to unsecured creditors, the liquidators propose to dispense with the meeting of creditors," Lamacraft wrote.
He issued a long list of creditors which included dozens of people trying to sell their houses with The Joneses.
Publishers, trade creditors, sign specialists, accountants, photography businesses and others appeared on the list too.
"It is not practicable to estimate the date of completion of the liquidation at this stage," Lamacraft wrote.
The Joneses had assets of $16,000 cash, $152,000 owed to the business by debtors or in commissions and $30,000 in office equipment.
But any wealth was far outstripped by what the business owed. Liabilities included $524,000 owed to trade and other creditors.
