Allen Hunter is the sole director and 99% shareholder. Michele Hunter owns 1% of shares, according to the Companies Office.
The liquidators released their first report on the company yesterday.
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.
“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 – was owed $956,862 when it went into receivership.
It said the receivers have since made a payment of $530,000 to BNZ and a balance of $426,862 remains.
Unsecured creditor claims include $72,487 owing to trade creditors.
The liquidator told the Herald at face value that amount remains unpaid. They understood from the receiver that $70,000 of that balance is owed to one creditor which is subject to a dispute as to the amount.
However, the liquidators said receivers had also made distributions towards numerous creditors.
Employee wages and holiday pay claims totalling $22,450.00 had been paid, as had over $60,000 to the IRD for GST and EMP (employment activities).
Receivers had also paid the full $133,932 owed to ‘customers deposits’.
Creditors include BNZ, ANZ, UDC Finance, Coast RV, Harper Digital, Regional Chambers, NZ Fuel Cards Limited and Quentosity Limited.
The first receiver’s report, dated July 3, said an attempt to sell the business had been unsuccessful. Despite 11 parties expressing interest, no offer was received.
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.
This story has been updated to clarify creditor claims.
