The former administrators of collapsed retailer Ezibuy racked up bills of more than $1.5 million during their two months figuring out what to do with the business, BusinessDesk reports.
Damien Hodgkinson and Kate Barnet of Olvera Advisors were appointed administrators of the Palmerston North retailer in April by parent company Australian-listed Mosaic Brands, which proposed a restructure.
But, after two months, the pair recommended tipping Ezibuy, saying unsecured creditors were unlikely to get anything. Ezibuy owes creditors roughly $117m in total.
In an Administrator Summary Report filed last week, it stated the total fees for the two-month process came in at $1,504,534.
NZ-based insolvency specialists spoken to about the fees told BusinessDesk they were “eye-wateringly high”.
