Tasman Pacific creditors' talks break down

By DANIEL RIORDAN aviation writer

Talks among Tasman Pacific's creditors aimed at forming a united front to overturn the failed airline's shareholder-appointed liquidator have broken down.

At least two would-be liquidators are now likely to proceed separately in their attempts to secure the liquidation for the failed airline.

New Zealand Customs, which is owed $900,000 and is a preferential creditor under the Companies Act, is understood to be promoting Christchurch insolvency experts David Crichton and Keiran Horne, of Crichton Horne & Associates, as its liquidator of choice, while creditors led by valet parking company Base Care are sticking with Bernard Montgomerie of Montgomerie & Associates.

Base Care chief executive Colin Anderson and Mr Montgomerie are keen to involve other insolvency experts in their action.

But Mr Montgomerie says he will withdraw as would-be liquidator if creditors wish.

Customs debt-recovery officer Damien Shalfoon, who is fronting his department's liquidation attempts, did not return calls.

Asked if he was working with Customs, Mr Crichton declined to comment but said several parties wanted him appointed liquidator.

Attempts led by Base Care and inflight catering product maker DeSter to appoint their own liquidators were to be heard last Thursday in the High Court at Auckland.

They were withdrawn after the court ruled the liquidators chosen by Tasman Pacific's sole shareholder, Zazu - Jeff Meltzer and Arron Heath, of Meltzer Mason Heath - had been appointed correctly.

Customs, which had its hearing set down for June 28, also withdrew.

Base Care and Customs are understood to be concerned at the existing liquidators' ability to pursue the liquidation in full independence, given the circumstances of their appointment.

But lawyers acting for DeSter (based in Hong Kong but owned ultimately in Sweden) have written to the Business Herald saying their client has yet to form a view "as to the appropriateness of the liquidators appointed by Zazu."

Mr Anderson last Wednesday formally asked the liquidators for a meeting. A liquidator has 10 working days from the date of the creditors' request to call a meeting.

Meanwhile, a spokeswoman for major creditor Mobil Oil, which is understood to be owed around $8 million, said her company had yet to decide what it would do, but was awaiting a receivers' report, expected on Friday.

Tasman Pacific collapsed almost two months ago owing creditors as much as $100 million. Its directors have promised to attend a creditors' meeting.

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