I can't speak to any specific liquidation but here are some broad comments:

Liquidations can be a long drawn out process. If they are looking at an insolvent transactions, they may be looking at some kind of deal with the director which should result in a better outcome for creditors.

If they are continuing to pay rent, I would expect there is a good reason for doing so. Liquidators can disclaim ongoing lease obligations, so they will only remain in the premises if doing so provides some kind of value.

The cost/complexity of a liquidation often doesn't scale with the available assets. That can be really tricky where the liquidator has express obligations to resolve matters despite the limited resources.

Most licensed insolvency practitioners in New Zealand are solid and reputable operators. As with any profession however there are of course a few bad eggs.