The company is also in receivership, with Thomas Rodewald of Rodewald Consulting Limited appointed receiver on May 23 by BNZ.
Allen Hunter is the sole director and 99% shareholder. Michele Hunter owns 1% of shares, according to the Companies Office.
A receiver’s report, dated July 3, said it was unlikely any funds would be available for distribution to unsecured creditors.
“The process of realising the company’s assets is not yet complete. However, due to the level of secured and preferential debt, it is unlikely there will be funds available for distribution to unsecured creditors.”
The liquidators released their first report on the company yesterday, but offered no new updates on the matter.
The liquidators said they understood the company’s assets had been dealt with by the receivers.
All tangible assets had been sold by the receivers, the liquidators said.
Receivers had attempted to sell the business but received no offer, despite 11 parties expressing interest.
“It is too early to determine the realisable value of these assets and/or any potential claims available to the liquidators,” the first liquidator’s report said.
“The liquidators are also investigating whether there are any other assets and/or potential claims which may give rise to additional recoveries for the benefit of creditors.
“It is too early to comment on any recoveries and the likelihood of a distribution at this stage.”
According to the liquidator’s report, BNZ - which is a secured party - is owed $956,862.
The receivers have made a payment of $530,000 to BNZ and a balance of $426,862 remains, liquidators said.
The liquidators said receivers had also made distributions towards preferential creditor claims, including employees (wages and holiday pay) and Inland Revenue.
Wages and holiday pay claims totalled $22,450.00, while Inland Revenue was owed over $60,000. The July receivers report said these had been paid.
However, unsecured creditors are still owed $260,369.
This includes $133,932 owing to customers and $72,487 to trade creditors.
A small business loan of $18,300 is also owed to the IRD.
Creditors include BNZ, ANZ, UDC Finance, Coast RV, Harper Digital, Regional Chambers, NZ Fuel Cards Limited and Quentosity Limited.
Recent figures from BWA Insolvency showed there were 700 insolvencies reported in the second quarter of 2024, up 23% from the first quarter of the year and 36% higher than the same period a year ago.
There were 635 liquidations between April and June, up from 472 over the same period in 2023.
BWA Insolvency principal Bryan Williams said at the time the data underscored the ongoing challenges faced by New Zealand businesses.
Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics including retail, small business, the workplace and macroeconomics.