Creditors eye Tasman Pacific liquidators

By DANIEL RIORDAN aviation writer

Several creditors of Tasman Pacific Airlines (Qantas NZ) have approached another would-be liquidator for the failed airline.

David Crichton, of Crichton Horne & Associates in Christchurch, said he was considering the request.

"We're talking to solicitors and several creditors, and will probably make a decision today."

Two petitions to liquidate Tasman Pacific Airlines will be heard by the High Court on June 14, led by valet parking company Basecare and Swedish-based inflight catering product provider DeSter.

Mr Crichton said a third party was also seeking liquidation, but its identity remained uncertain last night.

Mr Crichton was last month nominated to take over from the Official Assignee as liquidator of Hartner Construction, but in the end Hartner creditors voted to retain the Official Assignee.

Mr Crichton told Hartner creditors his firm was the largest and best-known insolvency practice in the South Island, could take on tough and complicated assignments such as Hartner and always got a payout.

He told the creditors that as a Christchurch-based firm his costs were lower, and he would charge only $165 an hour for his services.

Meanwhile, legal experts have played down industry speculation that Tasman Pacific's shareholders are considering putting their company into voluntary liquidation before next week's court date.

Under voluntary liquidation the shareholders would choose their own liquidator, but lawyers said there was likely to be no advantage to directors in doing that.

Creditors would still be able to replace a liquidator they didn't want.

The only situation in which the chosen liquidator could remain would be where creditors individually were not owed enough to make it worth their while to take such action. But that is not the case with Tasman Pacific.

Another would-be liquidator, Bernard Montgomerie, who is heading Basecare's action, confirmed that if shareholders chose their liquidator, creditors would be likely to oppose it, and seek to have the liquidator removed.

Moving Tasman Pacific from receivership into liquidation could allow creditors to hold directors and shareholders personally accountable for their losses.

Because the collapse of the airline affects so many creditors and because its shareholders and directors are among New Zealand's best-connected businesspeople, potential liquidators without conflicts of interest are understood to be in short supply.

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