Their report said the company was no longer profitable or sustainable and was unable to meet its liabilities.
It cited the impact of Covid-19 on Bikes and Beyond’s cashflow and the economic impacts of retail spending as reasons for its liquidation.
Preferential creditors are owed more than $233,000. This includes the IRD which is owed around $132,000 and secured creditors ($100,000).
Employee wages and holiday pay have yet to be determined, the report said.
Unsecured creditors are owed more than $180,000.
Creditors include BNZ, Heartland Bank and Phoenix Cycle Distributors. Joakim Hoff-Nielsen, Jules Hoff-Nielsen and Louie Hoff-Nielsen are also listed as creditors.
Assets included cash, which was valued at $188. The value of plant and equipment, vehicles and stock on hand is yet to be determined.
The Khov Jones accountants called for buyers.
“The liquidators are currently engaging in a sale process for the business and encourage any interested parties to contact them at admin@khovjones.co.nz as soon as practicable with indicative offers expected by July 29,” the report said.
The liquidator said further reports would be issued every six months, and a final report will be issued at the conclusion of the liquidation pursuant to section 257 of the Act.
Tana returns to Parliament
The report was issued the same day Darleen Tana returned to Parliament for the first time since resigning from the Green Party.
Tana had been suspended from the Greens in March after allegations of migrant exploitation at her husband’s bike business.
She then resigned from the party after her conduct was reviewed by an independent lawyer and was found to be wanting. The Green Party has called for her to resign from Parliament as well.
Fronting media on Tuesday, Tana said she would remain in Parliament “as long as this place allows me”.
Asked if she was involved in migrant exploitation, she said: “The report that came out was pretty clear, there was no migrant exploitation in that report, let alone that I was involved in it.
“What I can categorically say is we’ve spent so much money wasting tax-payers hard-earned money to find out that I am married to my husband for better or for worse.”
Green Party co-leader Chlöe Swarbrick said they would wait to see what happened this week before considering whether to use the waka jumping legislation.
If they did use the waka jumping law, Swarbrick said it would not be without the sign-off of the wider party.
“I’ve always said nothing is off the table here. But the best case scenario for everyone involved in this situation is for Darleen to take accountability and responsibility and to resign.
“But we are in a situation where we have to explore other options, then we will have those sensitive conversations at our AGM this coming weekend.”
