Current Assignments

We accept on average 100 assignments per year. Our Current Assignments are listed below; if you would like to view the reports for listed companies please click on company name.

14XIT Limited (In Liquidation)

14XIT Limited formerly known as Walmsley Builders Limited (“the Company”) operated as a construction business in the greater Wellington region.
Due to its main client withholding retentions, the Company was unable to pay its creditors. The Company did not hold the significant cash reserves required to pay all subcontractors/creditors so proposals for payment arrangements were put to creditors. Various proposals were accepted by the creditors and subsequently some initial payments were made to creditors under the accepted arrangements.
However, the Company then received a demand from Inland Revenue for a debt that was previously under arrangement. Following professional advice, the shareholder resolved to place the Company into liquidation.

1532875 Limited (In Liquidation)

1532875 Limited (“the Company”) previously trading as Rubicor People Limited traded in the recruitment sector. The Company ceased trading in March 2015 following the sale of the business.

Following professional advice, the shareholders resolved to place the Company into liquidation.

A M Commercial Cleaning Services Limited (In Liquidation)

A M Commercial Cleaning Services Limited (now In Liquidation) (“A M Cleaning” or “the Company”) have been providing cleaning services to commercial business in Christchurch for the past 10 years.

The Company has traded at such a level as to provide a salary for the directors and just prior to liquidation was employing six staff (a mixture of full and part time).

Regrettably A M Cleaning incurred some historical tax debt to which an arrangement with Inland Revenue was entered into.

The Company has not sustained sufficient turnover to enable the payment arrangement to be adhered to.

The shareholders were advised that the Company was technically insolvent and they resolved to appoint liquidators.

AAA Roofing (Wgtn) Limited (In Liquidation) (“the Company”)

Trading since 2008, AAA Roofing (Wgtn) Limited (In Liquidation) (“the Company”) has serviced local and regional customers for both residential and commercial properties. Acquiring key contracts and maintaining ongoing work was overall successful for the Company, however some internal management issues led to a major contract being significantly under tendered and margins negatively impacted. Cashflow problems led to an increasing debt with Inland Revenue which several attempts to negotiate payment plans was undertaken.

Recently the Director sought professional advice and it was discovered that incorrect GST returns had been previously filed and the debt appeared to be significantly less than originally established. A settlement figure had been offered to Inland Revenue, however this has been declined.

Upon receiving further professional advice, the shareholder resolved to place the Company into liquidation.

AKMT Limited (In Liquidation)

Super Save Limited (now In Liquidation) (“the Company”) traded as Super Save Cars in Lower Hutt. The Company has operated as secondhand vehicle dealer since its incorporation in September 2010 and specialised in imported vehicles and people movers.

AKMT Limited (now In Liquidation) (“AKMT”) operated as an intermediary between the supplier of the vehicles and the Company. Due to the interconnectedness between the Company and AKMT, the liquidators have prepared a single report comprising both companies.

The Company traded well for the first six and a half years, however, as time progressed it began to experience a downturn in the number of monthly sales. The shareholder attributes this downturn to the increased competition in the Lower Hutt area. This downturn in sales led to the Company experiencing cash-flow difficulties. The Company began to incur large liabilities with one of its creditors who undertook the requisite compliance work to register the vehicles in New Zealand.

Unable to meet its monthly Inland Revenue obligations and the Company’s upcoming rent, the shareholder sought professional advice and resolved to place the Company into liquidation.

Alexander Road Developments Limited (In Liquidation)

Alexander Road Developments Limited (now In Liquidation) (“ARD”) owns land in Upper Hutt that is zoned commercial. The intention was to purchase the land and change the zone residential to enable residential development.

Unfortunately the rezoning application was unsuccessful.

We have been advised that the liquidation is as a consequence of the outstanding loans owed to an associated entity of the shareholder and a breakdown in the relationship between the director and shareholders.

Amstore Limited (In Liquidation)

Amstore Limited (“the Company”) was a digital media production and manufacturing company that specialised in the supply, printing, duplication/replication and packaging of digital media. The Company had been operating in the Wellington region since 1998. In more recent years, an Auckland branch has been servicing the Auckland region.

Due to the evolving nature of the market in this area, the Company saw a decrease in the number of orders placed for its services and subsequently the Company sustained cashflow issues. Following professional advice, the directors sought to place the Company into liquidation.

Ankur’s V H Hair Design Limited (In Liquidation)

Ankur’s V H Hair Design Limited (In Liquidation) (“the Company”) traded as a hair salon in Upper Hutt.

As a result of a relationship breakup between the shareholders the Company was transferred to the current sole shareholder/director. Once this occurred and over time the director became aware of historical financial issues with the Company that she had not previously been aware of that concerned the director and led her to seek professional advice.

The shareholder subsequently resolved to place the Company in liquidation.

The director is currently working in a related industry earning PAYE.

Anton Roofing Limited (In Liquidation)

Anton Roofing Limited (now in Liquidation) (“the Company”), was incorporated in February 2016 and provided roofing services in the Wellington region. The Company was established by the director/shareholder for the purpose of continuing the business of his brother’s company that had gone into liquidation, AJ Roofing 2010 Limited (In Liquidation), (“AJ Roofing”). The Company purchased some of the assets of AJ Roofing from the liquidators.

We are advised that the reasons for the failure of the Company relate to its ability to complete contracts in a timely manner. The director advised that, in hindsight, concentrating more on the residential sector as opposed to attempting to secure commercial contracts may have
resulted in better cash flow and margins.

The factors resulted in the Company sustaining cash flow difficulties. The shareholder, via a related party, had been continually advancing funds to enable the Company to continue to trade. The shareholder was no longer prepared to provide financial support and as a consequence the Company was placed in liquidation.

APCO Interiors Limited (In Liquidation)

APCO Interiors Limited (now in liquidation) (“the Company”) provided plaster finishing services in the residential and commercial construction industry in Wellington.

The business and assets were sold in October 2016. Significant tax debt and other unsecured creditors remain unpaid.

The shareholders resolved to place the Company into liquidation on 24 July 2017.

Autonomic Counsulting Limited (In Liquidation)

The business was formed approximately 10 years ago to provide a vehicle for the director to deliver business consulting services. The company traded for a numbers of years, meeting most of its obligations in the normal manner.
In 2008 the company began to fall into taxation arrears, mainly for interest and penalties on Income Tax. The majority of company funds were drawn by the shareholding trust creating a significantly overdrawn account. The level of this overdrawn account more or less equates to the level of Inland Revenue debt.

In 2012 the Trust commenced a property development in Pirie Street, Mt Victoria. It would appear that the funds drawn from the company by the shareholding trust have been used to fund that development.
The liquidators will pursue the shareholding trust for the debt, in all likelihood this will be by way of taking a security over the subject property.

Autopoint Motors Limited (In Receivership & In Liquidation)

~~Auto Point Motors Limited (“The Company”) was incorporated in 2005 to operate the Toyota franchise in Lower & Upper Hutt.   It would seem that trading was poor in the early months of 2014, and following discussions with Toyota New Zealand Ltd and Toyota Finance New Zealand Ltd, the Company was placed into Receivership on 01 April 2014.

The Shareholders subsequently resolved to place the company into liquidation on 29 April 2014.

Axis Projects Limited (In Liquidation)

Axis Projects Limited (now In Liquidation) (“the Company”) operated a commercial and residential interior construction business in Auckland since its incorporation in 2000.

With the view to finalise its business operation and to restructure its affairs, the Company ceased trading in September 2016. In December 2016, a new company was incorporated. The liquidators understand that the assets of the Company were transferred to the new company at or around this time.

At the date the Company ceased trading there remained one creditor. The Company acknowledged the debt and have advised us that additional time was sought to make payments. The Company and its creditor could not agree on a payment arrangement and
subsequently the Company was served with a statutory demand in April 2017.

The shareholders sought professional advice from the Company’s accountant and subsequently resolved to place the Company into liquidation.

Best Value Homes Limited (In Liquidation)

Best Value Homes Limited (now In Liquidation) (“BVH”) owned various properties that were developed and on-sold.

We have been advised that the liquidation is as a consequence of the outstanding loans owed to an associated entity of the shareholder and a breakdown in the relationship between the directors and shareholder.

Bishop Industries (Wellington) Limited (In Liquidation)

Bishop Industries (Wellington) Limited (now In Liquidation) (“the Company”) was involved in the construction section in Wellington. The Company was an offshoot of Bishops Industries (Auckland) Limited (also In Liquidation).

We understand that the Company undertook work for the Ministry of Education and latterly on the Transmission Gully Project.

The Director advises that the Company geared up to work on Transmission Gully however for reasons unknown to the Director they were removed from the site.

The Director contends that he was attempting to source external funding to pay creditors but was unable to do so. The High Court in Wellington appointed liquidators on 11 April 2017.

Black Ink Holdings Limited (In liquidation)

Black Ink Holdings Limited (now in liquidation) (“Black Ink”) is a related company to M & G Young Holdings Limited (also in liquidation) (“M & G Young”) which operates 11 Z Energy service stations in the Wellington Region.

Black Ink employs the staff that operate the service stations and provides the administrative support services to M & G Young.

In recent times the trading results of the service stations has results in cashflow difficulties. Z Energy, in conjunction with the directors had commenced steps to cancel the Business Operating Agreement and replace the operators. The shareholders sought advice and resolved to place the company into liquidation.

Bob Hairdressing Limited (In Liquidation)

Bob Hairdressing Limited (now In Liquidation) (“the Company”) traded as Blush Hair and Beauty Lounge in Petone, Lower Hutt, Wellington.
The Company was incorporated in mid-2011 and, as its name would suggest, operated as a hair and beauty salon. Throughout the course of its operation, the Company has experienced several changes to its management and shareholding. As the Company stands now, there is a single shareholder and director.

The liquidators understand that in recent times the Company began to operate out of new premises. This change of location had the effect of significantly increasing the Company’s overheads and adversely affected the Company’s bottom line. The Company also began to incur taxation liabilities with Inland Revenue, primarily for unpaid GST. As a result, the Company sought to enter into a payment arrangement with Inland Revenue.

The Company sought professional advice and the shareholder resolved to place the Company into liquidation.

Bruce Buchanan Limited (In Liquidation)

The business and assets (save for one major contract) were sold to Fulton Hogan prior to liquidation. The proceeds of the sale were used to settle secured bank and machinery finance debt, as well as meet employee entitlements.

Following the sale it became clear that even with the realisation of residual assets, there was likely to be a shortfall to unsecured creditors.

Following the receipt of professional advice, the shareholders resolved to place the company into liquidation.

C and A Hospitality Limited (In Liquidation)

Established and opened in June 2015, C and A Hospitality Limited T/A Estuary and Co (now In Liquidation) (the “Company”) did not reach expected turnover within the planned timeframe. A shareholder invested heavily in an attempt to rescue the position, however was no longer willing to continue funding. The relationship between shareholders appears to have broken down and a decision was reached to close the business a month ago.

The Company’s accountants recommended liquidation and the shareholders subsequently resolved to place the Company into liquidation.

Cable Locators Limited (In Liquidation)

Cable Locators Limited (now In Liquidation) (“the Company”) operated a business that specialised in identifying the physical location of underground cables and other utility services. The Company primarily worked with medium to large sized construction companies.

The Company has traded well since its incorporation in late 2011. However, in 2016, the former and current directors became seriously ill. As a consequence of the death of one director/shareholder, the children took over the operation of the Company and in July 2017 sold the business of the Company.

The Company sought advice from its accountants and the shareholder resolved to place the Company into liquidation.

Please note, the liquidation of Cable Locators Limited does not affect the ongoing trading.

Circuit Solutions Limited (In Liquidation)

Circuit Solutions Limited (now In Liquidation) (“the Company”) undertook electrical contracts in the Wellington Region, focusing mainly on residential and light commercial.

In 2014 the Company attempted to open a Christchurch branch to capitalise on the work resulting from the earthquake rebuild. This operation was run by a now former business partner and failed to eventuate into a profitable venture.

A breakdown in the relationship with the former shareholder has subsequently and more recently resulted in the former shareholder filing a claim for unjustified dismissal. The Company has to date spent approximately $30,000 on legal fees to defend the matter.

The burden of some historical trade creditors and the potential claim from the former shareholder led to the shareholder/director seeking accountancy and insolvency advice. The shareholder resolved to place the Company into liquidation.

City Electricians (2008) Limited (In Liquidation)

City Electricians (2008) Limited (now In Liquidation) (“the Company”) has operated providing electrical services since 2008 in both the residential and small to medium commercial sectors. In recent times the Company has undertaken large scale commercial contracts.

The Director has advised that the Company suffered a significant loss of approximately $300,000 on a major commercial contract.

Inland Revenue had recently issued proceedings to liquidate the Company for unpaid tax in excess of $700,000. The Shareholder had no option but to resolve to place the Company into liquidation.

Comestibles Limited (In Liquidation)

Comestibles Limited (“the Company”) operated a café and restaurant in central Wellington. The business was purchased from a related entity in 2011.
The Company has significantly increased turnover from the first year of trading to this year through service delivery, restructure by the director and the employment of key staff. However, the Company has paid minimal PAYE and no GST. Inland Revenue commenced proceedings to liquidate the Company. The director sought professional advice and subsequently resolved to place the Company into liquidation.

Command Care Limited (In Liquidation)

The assets of Command Care Limited (In Liquidation), Command HVAC Limited (In Liquidation) and Command Management Limited (In Liquidation) (“the Companies”) were recently sold to a third party. The Companies were placed into liquidation for the purpose of distributing capital to the shareholders.

The Companies have no known creditors. The Companies’ only assets are bank accounts totalling $147,300.

Command HVAC Limited (In Liquidation)

The assets of Command Care Limited (In Liquidation), Command HVAC Limited (In Liquidation) and Command Management Limited (In Liquidation) (“the Companies”) were recently sold to a third party. The Companies were placed into liquidation for the purpose of distributing capital to the shareholders.

The Companies have no known creditors. The Companies’ only assets are bank accounts totalling $147,300.

Command Management Limited (In Liquidation)

The assets of Command Care Limited (In Liquidation), Command HVAC Limited (In Liquidation) and Command Management Limited (In Liquidation) (“the Companies”) were recently sold to a third party. The Companies were placed into liquidation for the purpose of distributing capital to the shareholders.

The Companies have no known creditors. The Companies’ only assets are bank accounts totalling $147,300.

Command Services Limited (In Liquidation)

The Company operated a heating, ventilation, air-conditioning and mechanical services contracting business based primarily in Wellington.

The business had traded successfully for a number of years. The Liquidators understand that the Company was solvent up until the receivership of Mainzeal, the Company’s most significant debtor, in February 2013. Following the receivership, the directors realised the Company would be unable to pay its debts as they fell due and sought professional advice.

Upon receipt of that advice the directors, through Deloitte, offered a formal creditors compromise. Unfortunately despite the majority of creditors (in number) voting for the compromise, the compromise was not accepted. The Compromise managers stated that the failure of the Company was due to the failure of the substantial debtor, Mainzeal, and that the directors have at all times complied with their statutory duties.

Moreover, it was stated that the Company was solvent until that failure. As a result of the compromise failing the shareholders were left with no option but to resolve to place the Company into liquidation.

CSM 2005 Limited (In Liquidation)

Operating as a Quantity Surveying and Construction business since 2005, the company had been trading at a loss for a period of time, due in part to under quoting of jobs and budget/completion variances which were not forecasted.

With lowered income and no opportunities for growth, previously arranged instalment and payment plans to creditors were unable to be met despite obtaining professional assistance with negotiation for these payment plans.

The Director sought further professional advice and resolved to place the company into liquidation. The liquidators understand the Director has obtained PAYE employment.

Cure Reclads & Renovations Limited (In Liquidation)

Cure Reclads & Renovations Limited (now In Liquidation) (“the Company”) operated a building repair business in the Auckland region that specialised in the repair and remediation of buildings suffering from weathertight issues.

While the Company traded well initially, as time progressed, it appears that it began to encounter difficulties in meeting its obligations to Inland Revenue and its other creditors. Following demands from creditors which culminated in Inland Revenue serving a Notice of Proceeding on the Company, the shareholders resolved to place the Company into liquidation.

Deans & Associates (1993) Limited (In Liquidation)

Deans & Associates (1993) Limited, (“the Company”) ceased trading in 2015 due to a restructure of ownership of the Company. The Company is solvent and is being placed into solvent liquidation for the purpose of restructuring the shareholders’ affairs; it has always the intention of the director/shareholders to liquidate the entity.

The timing of the liquidation has now been prompted by proceedings served on the Company on 29 March 2017.

The Company was unaware that there was ever any intention for these proceedings to be filed and vehemently deny any liability in these proceedings. As a consequence of the liquidation, these proceedings are stayed and the liquidators do not propose to take any action on these proceedings.

Double Zero Holdings Limited (In Liquidation)

Double Zero Holdings Limited was the shareholding entity for another company Vision Holdings Limited which had effectively ceased trading as a result of the directors having an irretrievable breakdown in personal relationships, and deadlock existed as to management and operation of the Company.

Double Zero Holdings Limited was placed into liquidation by the High Court in Wellington under section 174 and 241 of the Companies Act 1993 at 3.00pm 5 February 2010.

Efficient Lighting Technology Limited (In Liquidation)

Efficient Lighting Technology Limited was established in December 2015 to import and distribute lighting fixtures and fittings for the industrial market. Difficulties securing contracts arose and the Company struggled to sell the stock creating cashflow problems which in turn lead to employees contracts being terminated in August 2016.

With no trading capabilities, the Director was not able to adhere to creditor payment arrangements or determinations made by the Employment Relations Authority.

Former employees applied to the Court seeking a liquidation of the Company. This request was granted by the Auckland High Court on 4 August 2017.

Elaborate Timber Floors Limited (In Liquidation)

Elorabate Timber Floors Limited (now in liquidation) (“the Company”) installed timber floors in mostly residential buildings.

The Company has accrued significant tax areas in recent times which can in part be attributed to the breakdown in the relationship between the Director and the various shareholders.

The parties agreed that the Company would cease trading and that each party would go their own way.

The Company held insufficient funds to enable the payment of the tax debt and therefore the shareholders resolved to appoint liquidators.

Flamel Trading Limited (In Liquidation)

Flamel Trading Limited (now in liquidation) (“the Company”) was incorporated in New Zealand and operated a high-leverage trading platform in Europe and South America.

The Liquidators are advised that the Company has a number of Swiss bank accounts that have been frozen by the Swiss prosecutor over concerns of un-licensed trading.

The Company was struck off the New Zealand Companies Register in March but has been restored in November 2012 to enable the shareholder to appoint Liquidators to wind down the Company and distribute the funds to investors.

Flohr Ruscoe Decorators Limited (In Liquidation)

Flohr Ruscoe Decorators Limited (In Liquidation) (“the Company”) undertook residential and commercial painting contracts in the Wellington region.

The Company had mounting Inland Revenue liabilities however the catalyst for the demise of the Company was a breakdown in the relationship between the two directors / shareholders which resulted in each party incorporating new entities.

After seeking professional advice, the shareholder has resolved to place the Company into liquidation.

GL2 Limited (In Liquidation)

GL2 Limited (now in Liquidation) (“GL2”) was incorporated in 2008 to act as the shareholder of Commercial Print Limited (“Commercial Print”). Following difficulties with Commercial Print’s cash flow, the directors and shareholders sought professional advice. The shareholders subsequently resolved to place both Commercial Print and GL2 into liquidation.

The Company has no known assets, and the only known creditor is Commercial Print.

 

Go Man Construction Limited (In Liquidation)

Go Man Construction Limited (now In Liquidation) (“the Company”) has been operating as a building and construction business in the Wellington region since its incorporation in mid-2014. The Company primarily focused on the construction of new residential homes.

The Company’s financial records indicate that the Company had recently been operating at a gross loss. When questioned, the director indicated that the Company’s financial woes stem from a delay in the commencement of a contract which negatively impacted cash flow. It appears, however, that the Company had been undercharging for its work, exacerbating its already precarious financial situation. A lack of funds resulted in the Company having an inability to pay many of its creditors. The shareholder has worsened the position by removing approximately $380,000 from the Company.

As time progressed the Company’s financial situation worsened, culminating with a statutory demand from the Company’s principal creditor. Despite plenty of forward contracts the Company did not have the available cash to settle the demand. Faced with no other viable alternative, the shareholder sought professional advice and subsequently resolved to place the Company into liquidation.

Godek International Limited (In liquidation)

Godek International Limited (now in liquidation) (“Godek International”) is a New Zealand based related entity of Godek International Pty Limited, an Australian based construction company.

Godek International commenced trading in Christchurch in 2014 in order to take part in the Christchurch rebuild.

The Company has undertaken two major developments. The most recent being as a subcontractor on the Burwood Hospital redevelopment.

There is an issue surrounding the costing and subsequent unapproved variations to the contract which have resulted in significant shortfalls to creditors. The Company had proposed a creditor compromise which was due to be voted on at a meeting of creditors on 10 May 2016. A major creditor had intended to vote down compromise and therefore in order to preserve value, commenced liquidation proceedings.
Iain Shephard and Heath Gair were appointed as liquidators on Friday 6 May 2016.

Hewson Holdings Limited (In Receivership & Liquidation)

Hewson Holdings Limited (now in Liquidation) (“the Company”) owns land and buildings in Northland. This property is currently operating as a water bottling plant. A dispute with the current tenant has resulted in significant rental arrears which has resulted in the appointment of receivers and liquidators.

Himalyan Spice Limited (In Liquidation)

Himalyan Spice Limited (“the Company”) traded as Avondale 2020 Chef Takeaways in Avondale, Auckland. The Company was incorporated in July 2016 and operated as a casual takeaway restaurant offering customers dishes from a diverse range of cuisines at affordable prices.

From initial discussions with the Company’s director, it appears that significant capital was outlaid prior to the business commencing trade. During the course of its operation, the Company began to experience a reduction in its weekly turnover partly due to increased competition in an already competitive market. It also appears that the restaurant’s prices were too low and ultimately unprofitable. These factors made it difficult for the Company to sustain itself and for it to meet its obligations to creditors. Faced with increased pressure from creditors, the shareholder resolved to place the Company into liquidation.

HPH Limited (In Liquidation)

HPH Limited (now in Liquidation) trading as The General Practitioner (“the Company”) operated the well-known ‘The General Practitioner’ restaurant and bar located on the corner of Willis and Boulcott Streets in central Wellington.

During the course of its operation, the Company incurred tax liabilities with Inland Revenue and several other trade creditors. The business of the Company was sold to another entity. In addition, the Company’s trade creditors and all staff entitlements were also transferred the new entity.

Following professional advice, the shareholder resolved to place the Company into liquidation.

As at the date of liquidation, Inland Revenue remains the only known creditor.

JB Contractors Limited (In Receivership) & (In Liquidation)

The company operated a business specialising in the installation of underground cables. We are advised that the company began to get into cash-flow difficulties when the remedial work required to be done exceeded the allowances made in the profit margins.

The liquidator’s initial investigations would suggest that the company has been insolvent for a significant period of time, with some debts dating back as far as January 2010.

On the 26th of July 2012 Capital Funding Trustee Company Limited, a secured creditor. Appointed John Gilbert of C&C Strategic as receiver and manager of the company, pursuant to its rights under its General Security Agreement.

Joinery Installation Services Limited (In Liquidation)

Joinery Installation Services operated as a mobile service across the Wellington Region, installing and repairing joinery.

The business was sold in May 2015.

Following professional advice, the Director resolved to place the Company into liquidation.

The liquidators are investigating the disposition of the sale proceeds.

Konroc Limited (In Liquidation)

Konroc Limited (“the Company”) ran a successful business specialising in concrete work and seismic strengthening in the Wellington region.

The ill health of a shareholder and issues with a former accountant resulted in a PAYE liability to Inland Revenue. After an unsuccessful attempt to settle the matter with Inland Revenue, combined with a lack of prospective work, the shareholders resolved to place the company into liquidation.

A related company (Konroc Properties Limited) was also placed into liquidation.

Konroc Properties Limited (In Liquidation)

Konroc Properties Limited (“the Company”) ran a property development business in the greater Wellington region.

A misunderstanding with the former accountant resulted in a GST liability to Inland Revenue. This liability, combined with a debtor’s default on a vendor financing arrangement caused cash-flow difficulties for the Company. An attempt to settle the GST liability with Inland Revenue was unsuccessful and the shareholders resolved to place the Company into liquidation.

A related company (Konroc Limited) was also placed into liquidation.

LDC Finance Limited (In Receivership & In Liquidation)

On 24 September 2012, Iain Shephard and Heath Gair were appointed liquidators of LDC Finance Limited (“the Company”) by order of the High Court.

We have filed proceedings in the Nelson High Court against those we are advised have caused the Company loss. These proceedings are being brought by the Liquidators on behalf of the Company, as well as by specific investors, with the intention that the specific investors represent all investors.

Please find attached copies of the Liquidators' reports and correspondence to investors.

If you have any queries please don’t hesitate to contact us.

Leszek Stainless Steel Limited (In Liquidation)

Leszek Stainless Steel Limited (now In Liquidation) (“the Company”) had been operating as a stainless steel goods manufacturer in Wellington primarily for the industrial and commercial markets since its incorporation in July 2015.

From the outset the Company was undercapitalised. When further capital was introduced, the Company struggled to properly maintain its growth. Contracts that the Company had entered into became unprofitable and the Company began to incur liabilities with Inland Revenue for unpaid GST as well as its trade creditors.

As a consequence of unpaid rent, the landlord evicted the Company from their premises, following this, the shareholder sought professional advice and subsequently resolved to place the Company into liquidation.

Lift Tech (SI) Limited (In Receivership)

Lift Tech (SI) Limited (in Receivership) (“the Company”) was incorporated in June 2007. On 15 May 2012, the Company entered into a General Security Agreement with Working Capital Solutions Holdings Limited (“WCSH”).

On 7 October 2016, Iain Shephard and Jessica Kellow were appointed receivers of the Company.

M & G Young Holdings Limited (In liquidation)

M & G Young Limited (now in liquidation) (“M & G Young”) operated 11 Z Energy service stations and one mechanical workshop in the Wellington Region.

A related entity, Black Ink Limited (also in liquidation) (“Black Ink”) employees the staff that operate the service stations and provides the administrative support services to M & G Young.

In recent times the trading results of the service stations has results in cashflow difficulties. Z Energy, in conjunction with the directors had commenced steps to cancel the Business Operating Agreement and replace the operators. The shareholders sought advice and resolved to place the company into liquidation.

Mack Jayver Specialized Welding Limited (In Liquidation)

Established in 2015, the Company traded as a welding contractor to various organisations. In February 2017, the shareholder was offered employment in a PAYE role and ceased trading the business.

The shareholder sought professional advice and resolved the place the Company into liquidation.

ManukaMed NZ Limited (In Liquidation)

ManukaMed NZ Limited (now in liquidation) is a solvent liquidation for the purposes of restructuring the ownership configuration of the business.

Monkey Spices Limited (In Liquidation)

Monkey Spices Limited (now in liquidation) (“the Company”) initially traded as an Italian restaurant in Rolleston for approximately nine years.

The Director decided in late 2016 to rebrand and open a Teppanyaki Japanese restaurant. In order to fit out the restaurant the Company borrowed $80,000.

We have been advised that in November/December 2016 Inland Revenue undertook a GST audit and discovered discrepancies of approximately $30,000 in unpaid GST. At this time the director was hopeful of negotiating a settlement with Inland Revenue and proceeded with the construction of the Japanese restaurant.

Teppan Yaki Flame commenced trading in January 2017. The restaurant appears to have a loyal following and good customer reviews. Unfortunately the Company has largely failed to pay the GST and PAYE to Inland Revenue since opening in January 2017.

The director sought advice and determined that they were unable to meet the considerable tax obligations and therefore closed the restaurant on Sunday 16 July 2017. The shareholders resolved to appoint liquidators on Tuesday 18 July 2017.

New Zealand Surf Clams Limited (In Liquidation)

New Zealand Surf Clams Limited, (“the Company”) is solvent and is being placed into solvent liquidation for the purpose of restructuring the shareholders affairs.

Northpac Timber Newlands Limited (In Liquidation)

Northpac Timber Newlands Limited (now in liquidation) (“the Company or Northpac”) has been a timber and trade merchant for nearly twenty years located in Newlands, Wellington. The business had been traded by the Osmond family for many years prior to the incorporation of Northpac Timber Newlands Limited.

Up till about 18 months ago the Company was associated with the ITM brand and was one of the original branches. Latterly the Company felt that they were not in a position to be able to maintain the stock levels required by ITM and for this reason, amongst others, the Company left ITM and joined BuildLink.

There are two aspects to the Northpac business. Firstly the trade store and secondly the manufacturing of trellis and other timber products.

The emergence and growth of the large retailers such as Bunnings, Mitre10 and Placemakers have driven down prices in what is now an extremely competitive market. As a consequence of this Northpac have suffered a significant reduction in turnover in the past few years.

In an attempt to diversify, Northpac had ventured into residential construction management. Whilst this venture appeared to be promising the historical debt and the unwillingness of the shareholders to advance further funds has resulted in the demise of the Company.

Old NGL Limited (In Liquidation)

The Nosh supermarket chain is based in Auckland and specialises in gourmet food offerings. In recent times the business had failed to perform to expectations and the shareholder had been required to provide financial assistance.

In late 2016 ANZ Bank had notified the shareholder and Old NGL Limited that the business needed to be either sold or wound down. A sale of the business for $4m was settled in late February 2017.

The structure of the sale intended that the new operators, Nosh Group Limited (formerly Gosh Holding Limited) (now in receivership) would settle the unsecured creditors of Old NGL Limited. It has transpired that the majority of the existing trade creditors remain unpaid and their debt remains with Old NGL Limited (now in liquidation).

Old NGL Limited has judgment against Nosh Group Limited (In Receivership) for $1.9m however there is little likelihood of a distribution to creditors.

As a consequence of mounting creditor pressure the shareholder resolved to place the Company into liquidation.

Orowhana Builders Limited (In Liquidation)

Orowhana Builders Limited (now In Liquidation) (“the Company”) has operated as a building and construction business in Auckland since its incorporation in 2014.

The Company has historical debt with Inland Revenue. The liquidators were informed that this indebtedness to Inland Revenue was primarily as the consequence of two of the Company’s major clients being adjudged bankrupt. This resulted in the Company being unable to meet its tax obligations. The liquidators understand that the level of the core Inland Revenue debt is more or less equal to the amounts owed by the Company’s above-mentioned clients.

In recent times, the Company has kept current with its taxation obligations to Inland Revenue. However, its historical debt has remained.

The shareholder has taken the decision to liquidate the Company and resolved to place the Company into liquidation on 28 April 2017.

Palmerston North Scrap Metals Limited (In Liquidation)

Palmerston North Scrap Metals Limited (now in liquidation) (“the Company”) formerly traded as Strongs Metal Recycling in Palmerston North.

The Company purchased the business in 2013. The business was not as profitable as anticipated and required significant shareholder investment to continue trading.

Due to commitments on a family farm the Director was not able to dedicated the hours required to attempt to turn the business around. The Company ceased trading in March 2017 and has been selling down the assets.

It is apparent that there will be a considerable shortfall to secured creditors and therefore the shareholders have resolved to place the Company into liquidation

Panama Road Developments Limited (In Receivership and In Liquidation)

Panama Road Developments Limited (now In Receivership and In Liquidation) (“the Company”) was incorporated to undertake an extensive residential housing development in Auckland.

The Company’s finance facilities had expired and receivers’ were subsequently appointed.

The appointment of receivers’ has resulted in the Company cancelling the sales contracts and being unable to complete the development. We understand that the receivers’ have negotiated a sale of the land. We also understand that the receivers’ have cancelled all sales contracts and returned all deposits.

Peddle Thorp & Montgomery Limited (In Liquidation)

Peddle Thorp & Montgomery Limited (now In Liquidation) (“the Company”) was established in Wellington in 1973, becoming an incorporated business in 1988.

Offering architectural practices across education, private and public sectors, the Company had a solid reputation. Various legal disputes concerning leaky properties and employment law issues have resulted in significant costs being incurred. A lack of sufficient contracts resulted in reduced cashflow and an inability to meet rental and tax liabilities.

In recent times, the Director has been challenged by health concerns and therefore unable to continue operating the Company.

Following professional advice, the majority shareholder resolved to place the Company into Liquidation.

Phillips & O’Brien Limited (In Liquidation)

Phillips & O’Brien Limited (now In Liquidation) (“the Company”) has traded for in excess of 40 years undertaking long haul freight between Auckland and Wellington together with local deliveries. The Company also held a contract for the collection of recycling from a major paper manufacturer.

The Company also offered storage and a pick and pack service from an expansive warehouse in Seaview.

The Company was burdened with historical debt from an associated entity which has created a drain on cash flow. In recent times, the director has reduced overheads and staff numbers however has not been able to keep to payment arrangements made with Inland Revenue and the landlord.

Faced with a statutory demand that was unable to be satisfied the shareholders resolved to place the Company into liquidation.

Prometheus Finance Limited (In Liquidation)

Prometheus Finance Limited (“the Company”) was a finance company which focused on social and environmental lending.

On 17 March 2014, John Fisk and Jeremy Morley of PwC were appointed receivers. Investors have since been repaid all principal and interest and the receivers are preparing to retire.

The shareholders resolved to place the Company into liquidation.

Prometheus Guardian Trust Limited (In Liquidation)

Prometheus Guardian Trust Limited (In Liquidation) (“the Company”) was incorporated to act as the Trustee of a finance company.

The finance company has now been wound up and so the reason for the Company has ceased to exist.

Prometheus Social Lending Services Limited (In Liquidation)

Prometheus Social Lending Limited (“the Company”) was a service provider that ceased trading some time ago. The Company has no assets or liabilities.

The shareholders took professional advice and resolved to place the Company into liquidation.

Raygas Limited (In liquidation)

Ragas Limited (now in liquidation) (“Raygas”) was incorporated in 2011 however the business of Raygas commenced many years prior and has continued as a family run business.

Raygas specialised in supplying, installing and servicing gas appliances in the Wellington Region.

In recent times there has been a significant strain on cash flow as a consequence of a lack of sufficient work and small margins.

The director/shareholder sought advice and Raygas was placed into liquidation on 22 July 2016.

Rio Bravo Limited (In Liquidation)

Rio Bravo Limited (now in Liquidation) (“the Company”) formerly trading as The Tasting Room operated the well-known restaurant of the same name in Wellington.

The restaurant traded well due to its popularity in the Wellington food scene. As time progressed, the Company began to incur significant tax liabilities with Inland Revenue and other liabilities with its trade creditors.

The business was sold mid-2016, however, there remained a shortfall to creditors after payment to the secured creditor.

The shareholders sought professional advice and resolved to place the Company into liquidation.

Roger Wallace Limited (In Liquidation)

Roger Wallace Limited (In Liquidation) (“the Company”) operated a rural transport company in the Gisborne region for eighteen years.

Historically the Company had a seasonal but consistent cashflow, although any significant maintenance of the vehicles both in cost and the time off the road, impacted considerably.

The company faced two creditor petitions to liquidate the company and after seeking professional advice it was decided by the shareholders to place the company in liquidation.

SC Holdings NZ Limited (In Liquidation)

Please note that this liquidation does not relate to the currently trading business operating under the name Cliff Scott Engineering Limited, as SC Holdings Limited was formerly known.

SC Holdings Limited (now in Liquidation) (“the Company”) ceased trading in January 2016 following the sale of its business. All secured assets, along with their finance charges, were taken over by the purchaser. The sale and purchase also included receivables.

A number of default assessments had been processed by Inland Revenue. When the correct returns were filed it transpired that a small amount of GST along with some unsecured creditors remained outstanding.

Simple Business Services Limited (In Liquidation)

Simple Business Services Limited, (“the Company”) ceased trading in 2015 due to a restructure of ownership of the Company. The Company is solvent and is being placed into solvent liquidation for the purpose of restructuring the shareholders’ affairs.

Storage Vault Limited (In Liquidation)

Storage Vault Limited (In Liquidation) (“the Company”) has been trading since 2003.
The business was sold to a listed Australian company called National Storage. The liquidation is for the purpose of distributing capital to the shareholders.

Sun Sky Limited (In Liquidation)

The Director/Shareholder was adjudicated bankrupt on 21 February 2017. The official assignee in his capacity as managing the bankrupts’ estate resolved to appoint liquidators on 30 March 2017.

Sun Sky Limited (In Liquidation) (“the Company”) appears to have been involved in property development. It appears that members of the public have paid deposits in respect to property development and not received the contracted completion of development.

The liquidators are currently working through the initial findings and continue to investigate.

Super Save Limited (In Liquidation)

Super Save Limited (now In Liquidation) (“the Company”) traded as Super Save Cars in Lower Hutt. The Company has operated as secondhand vehicle dealer since its incorporation in September 2010 and specialised in imported vehicles and people movers.

AKMT Limited (now In Liquidation) (“AKMT”) operated as an intermediary between the supplier of the vehicles and the Company. Due to the interconnectedness between the Company and AKMT, the liquidators have prepared a single report comprising both companies.

The Company traded well for the first six and a half years, however, as time progressed it began to experience a downturn in the number of monthly sales. The shareholder attributes this downturn to the increased competition in the Lower Hutt area. This downturn in sales led to the Company experiencing cash-flow difficulties. The Company began to incur large liabilities with one of its creditors who undertook the requisite compliance work to register the vehicles in New Zealand.

Unable to meet its monthly Inland Revenue obligations and the Company’s upcoming rent, the shareholder sought professional advice and resolved to place the Company into liquidation.

Taranaki Equipment Distributors (2006) Limited (In Receivership)

Taranaki Equipment Distributors (2006) Limited (in Receivership) (“the Company”) was incorporated in March 2005 and operated a cleaning and hospitality retail business in New Plymouth. On 11 April 2012, the Company signed a General Security Agreement with Working Capital Solutions Holdings Limited (“WCSH”).

On 22 December 2015, WCSH entered into a deed of assignment, under which WCSH agreed to assign receivables of WCSH to Working Capital Solutions (NZ) Limited (“WCNZ”). WCNZ changed its name to Old LGH Limited (“the Secured Party”). On 4 August 2016, receivers were appointed to the Secured Party and the receivers of the Secured Party sought to recover the amounts owing from the Company.

On 5 September, Iain Shephard and Jessica Kellow were appointed receivers of the Company.

Team Panel & Paint Limited (In Liquidation)

Team Panel & Paint Limited (“the Company”) (now In Liquidation) operated as a vehicle panel beating business for a 14 month period.

The Company primarily serviced two major customers and was running as efficiently as possible. When one major customer changed their business operations and combined with the small length of time the business was operating, the Director struggled to gain efficiency within the business, and experienced cashflow challenges.

The closure of the business in December 2014 meant that with no further business income, creditors were unable to be paid. Upon taking professional advice, the Director resolved to place the Company into Liquidation.

Tennyson Properties (2009) Limited (In Liquidation)

Tennyson Properties (2009) Limited (now in liquidation) (“the Company”) owns a property at 2 Clive Square, Napier. The building is operated as a hotel pursuant to a Hotel Management Agreement.

Prior to the appointment of liquidators the Company had entered into a sale and purchase agreement for the sale of the land and buildings.

Given that the liabilities of the Company, including shareholder advances, exceed the asset values the shareholders made the prudent decision to appoint liquidators.

The Flying Burrito Brothers Limited (In Liquidation)

Please note, this liquidation does not relate to the current franchises operating with the same trading name.

The Flying Burrito Brothers Limited (now In Liquidation) (“the Company”) formerly operated the popular restaurant of the same name in central Wellington. Prior to liquidation, the Company sold the business of the Flying Burrito Brothers.

During the course of its operation, the restaurant traded well. However, as time progressed, the Company began to incur liabilities with Inland Revenue and other trade creditors.

Following professional advice, the shareholders resolved to place the Company into liquidation.

Vision Limited (In Liquidation)

Vision Limited (“the Company”) was a project management company formed to manufacture and distribute postal sorting furniture and equipment.

The Company had effectively ceased trading as a result of the directors having an irretrievable breakdown in personal relationships, and deadlock existed as to management and operation of the Company. All Shares in the Company were held by Double Zero Holdings Limited.

Double Zero Holdings Limited was placed into liquidation by the High Court in Wellington under section 174 and 241 of the Companies Act 1993 at 3.00pm 5 February 2010. Subsequent to that decision the liquidators of Double Zero Holdings Limited resolved to also place Vision Limited into liquidation at 3.05pm on 5 February 2010.

Waiheke Fresh Veg and Produce Limited (In Liquidation)

Waiheke Fresh Veg and Produce Limited (In Liquidation) (“the Company”) was incorporated in order to enable the land and buildings to be owned for the eventual benefit of the Late Lynda Grey as a gift from Diana Goldman.

Unfortunately Ms Grey passed away unexpectedly and the structure of the Company has meant that the property does not automatically revert to the Estate of Ms Grey.

In order to resolve matters, the Director appointed Iain Shephard and Jessica Kellow and administrators and at a watershed meeting of creditors a resolution was passed to place the Company into liquidation.

Waikanae North Limited (In Liquidation)

Waikanae North Limited (now in liquidation) was incorporated to purchase and develop bare land north of Waikanae.

The development has recently been completed and there are no remaining assets. There remains a shortfall to the funding bank of some $1.2million.

Wairarapa Laundry Limited (In Liquidation)

Wairarapa Laundry Limited (“the Company”) traded as Waiwash for over 17 years, servicing individuals and businesses within the wider Wairarapa community.

The Company had historic payment issues with Inland Revenue which had resulted from cashflow issues and inconsistent debtors.

Following professional advice the Directors attempted to enter into a payment arrangement with Inland Revenue, however was unable to do so. The Directors therefore could no longer continue to trade.

The shareholders resolved to place the Company into liquidation following further professional advice.

Walmsley-Beticom Infrastructure Limited (In Liquidation)

Walmsley-Beticom Infrastructure Limited (now In Liquidation) (“the Company”) was established in 2014 to undertake earthworks contracts within the Wellington Region. The Company secured a significant 5 year contract with a construction maintenance management services firm in November 2014, however the scope of the contract changed significantly and the expected work volumes did not eventuate.

The Company concentrated on works for private customers, however a significant outstanding debtor contributed to poor cashflow. The Company was unable to meet its creditor payments, including Inland Revenue. Following professional advice the directors resolved to place the Company into liquidation.

Warkworth Properties 2008 Limited (In Liquidation)

Warkworth Properties 2008 Limited owned land in Warkworth that has since been sold at a loss. A related party has assumed the bank liabilities. The related party together with the shareholder are the only known creditors.

Watson & Son New Zealand Limited

Watson & Son New Zealand Limited (now in liquidation) is a solvent liquidation for the purposes of restructuring the ownership configuration of the business.

Winter Electrical Limited (In Liquidation)

Trading for over 35 years, Winter Electrical Limited (now In Liquidation) (“the Company”) had
an established customer base of industrial and commercial contracts. Financial difficulties
during 2014 led to a large indebtedness to suppliers, from which the Company never fully
recovered, despite down-sizing and actively attempting to regain a manageable creditor
balance.
Upon receiving professional advice, the shareholders resolved to place the Company into
liquidation.

Working International Limited (In Liquidation)

Working International Limited (now In Liquidation) (“the Company”) offers services to people looking to immigrate to New Zealand by way of Visa applications, relocation services and labour placement. The company was originally incorporated to run an expo business in Australia and the United Kingdom. Unfortunately, as a consequence of the evolving market, the final expo ran at a significant loss.

As a consequence the Company incurred significant tax arrears and other costs in these jurisdictions.

In order to resuscitate the business the director diversified the core nature of the business however the Company has been unable to generate sufficient revenue to meet the historical costs.

With mounting Inland Revenue tax debt the director sought accounting and legal advice in order to restructure the business. It was determined that the core business had potential and cash flow forecasts demonstrated that a new entity, without the burden of historical debt, could be viable.

The director obtained a valuation for the business. The liquidators have sold the business in accordance with the valuation to two new entities.