The trading company behind New Zealand dub and reggae band Trinity Roots has gone into liquidation owing nearly $100,000.

The band, known for its acclaimed album Home, Land and Sea started in 1998 but split in 2005. They have since reformed, losing some old members and gaining new musicians, and are due to play in Wellington later this month.

The first report by liquidator Paul Bartley shows the company has virtually no assets and Inland Revenue is the preferred creditor.

Since 2003 the company has accumulated an income tax liability of $32,807 and penalties and interest to IRD of $62,960.

Founding members Rio Hemopo and Warren Maxwell are listed as directors of Trinity Roots Ltd. Former members Riki Gooch and Darren Mathiassen are listed as former directors.

Band co-manager Ange Kalogeropoulos - Maxwell's partner - told Fairfax the financial woes went back to the band's beginnings.

"We have literally been trying to make amends of the mess. We've tried so hard and paid so much back but we just can't go any further," she said.

In 2006 the band was fined for failing to file tax and GST returns over three years.

The liquidator says in the report he is investigating whether the shareholders and directors acted appropriately.

"The shareholders and directors are accomplished musicians, however these skills were not complemented with equivalent business application," the report says.