Olivado owes more than $3 million, liquidators say

Olivado's Gary Hannam pictured in 2009. Photo / Sarah Ivey

Liquidators say Olivado, the company linked to film producer Gary Hannam, owes more $3 million.

Far North Avocado Suppliers Limited, in liquidation itself, applied to have Olivado Limited liquidated in January.

Now the first report from liquidators Garry Whimp and Benjamin Francis has shed more light on who was owed money.

According to the report, creditors include banks, a local Mitre 10, Auckland Chamber of Commerce, BioGro NZ, Far North District Council, DHL Express, the Ministry for Primary Industries and several agribusinesses including packhouse and coolstore company Seeka.

Secured creditors were owed $1,981,960.49, preferential creditors $200,621.21, and unsecured creditors approximately $1,008,836.90.

The liquidators said total liabilities were $3,191,418.60.

But the value of Olivado’s plant and equipment, land and building assets was withheld.

Olivado continued operating as a processor and supplier of avocado and olive oil.

The processing facility was just outside Kerikeri.

“The company prior to liquidation had administrators appointed,” the liquidators added in the new report.

“The liquidators made the decision to continue to trade while a deal to sell the company assets was finalised.”

At the time of liquidation, Olivado was still trading and employed seven people.

“These individuals have been provided with temporary employment agreements,” the liquidators added.

Demands made

“The liquidators have made demands on related companies for unpaid debts, and to date, have not received a reply from these entities.”

Seeka chief executive Michael Franks previously told the Herald his company was “particularly exercised” about the case.

Franks in January said packaging company Enpac was owed about $78,000, while the figures for Far North Avocado Suppliers and Seeka were about $260,000 and $350,000 respectively.

The report from Whimp and Franks said Olivado was placed into liquidation by a vote of the creditors at a watershed meeting.

“The liquidators will look into the company records to investigate the actions of the directors and the reasons for insolvency,” the liquidators added.

“The assets remaining at the date of liquidation consisted of plant and equipment, and land and buildings. The liquidators will look to realise these assets in the liquidation,” they said.

“The liquidators will also complete an investigation into the financial affairs, from the available books and records of the company, to ascertain whether there are any other recoveries for the benefit of creditors.”

Olivado was established in 2000. Its shareholder and one of its directors is film producer Hannam, whose credits included Vigil and The World’s Fastest Indian.

According to the liquidators and the Companies Office, his address is in Switzerland.

The other director is Patricia Draper.

According to a previous Herald report, Olivado had an unsuccessful expansion to Queensland, then went to Kenya, where investor Alan Mountfort was shot in the early 2000s.

Olivado products include almond, avocado, coconut, macadamia and olive oil.