Toto Pizza put in liquidation, owes Inland Revenue, other creditors more than $1 million

Toto' sells pizza by the metre. Photo / Supplied

Popular restaurant Toto Pizza is in liquidation and owes Inland Revenue and other creditors more than $1.3 million dollars.

The business, which sells pizza by the metre and positions itself as a group catering company, was put into liquidation by its shareholders earlier this month and is continuing to trade while a buyer is sought.

Liquidator Mike Lamacraft from firm Meltzer Mason said he had received expressions of interests but that it was still early days in the sale process.

According to the liquidator's first report, Toto Pizza was going through the process of being sold prior to being put into liquidation.

"This potential transaction will be reviewed by the liquidators to establish the current position and how to proceed," the report stated.

Toto Pizza operates two stores, one in Manukau and another in Auckland CBD, and creditors are claiming a combined sum of $1.37m.

Out of that, it owes its employees $48,000 in wages and holiday pay and Inland Revenue $300,000 in GST and PAYE.

It owes unsecured creditors $900,000 in trade supplies and loans, and IRD a further $120,000 in tax penalties and interest.

An employee working at Toto Pizza located on Hardinge St was unable to comment on the liquidation status or the future of the business.

"Toto Pizza will be [around] forever," he said.

The Herald has approached Toto Pizza for comment.