Liquidators' First Report
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Liquidators’ First Report Wynyard (NZ) Limited (In Liquidation) (‘WNZL’ or ‘the Company’) Company No. 4370298 15 February 2017 | 10306 1 Introduction We advise that Neale Jackson and Grant Robert Graham were appointed Joint and Several Liquidators of the abovenamed Company by a resolution of creditors on 8 February 2017 under Section 241(2)(d) of the Companies Act 1993 (‘the Act’). 2 Restrictions This report is not intended for general circulation, nor is it to be reproduced or used for any purpose other than that outlined above without our written permission in each specific instance. We do not assume any responsibility or liability for any losses occasioned to any party as a result of the circulation, publication, reproduction or use of this report contrary to the provisions of this paragraph. We reserve the right (but will be under no obligation) to review this report and if we consider it necessary to revise the report in light of any information existing at the date of this report which becomes known to us after that date. 3 Background The Company was placed into voluntary administration on 25 October 2016. At the creditors’ watershed meeting held on 8 February 2017, the creditors voted to place the Company in liquidation. A background to the Company and the voluntary administration can be found in the Administrators’ Report to Creditors for the purposes of the joint Watershed Meeting available on our website (www.kordamentha.com). This report addresses WNZL, the New Zealand trading entity for the Group. The holding company was Wynyard Group Limited which is also in liquidation. The wider (consolidated) business incorporated subsidiary companies in Australia, Canada, the United Kingdom and the United States. These subsidiaries are in insolvency administrations in their respective jurisdictions. We are not the administrators/liquidators of these entities. Page 1 4 Statement of Financial Position as at the Date of Liquidation Based on the Company’s records, we estimate the financial position of the Company as at the date of liquidation below. Asset values are book values and do not necessarily relate to realisable values. WNZL $000 Assets Cash and deposits 2,318 Debtors 592 Fixed Assets 5 GST 96 Software assets 15,908 Receivable from subsidiaries 5,991 Total assets 24,911 Liabilities Payable to parent 171,010 Preferential creditors 2,143 Unsecured creditors 6,699 Total liabilities 179,853 4.1 Liabilities 4.1.1 Secured Creditors As at our appointment, there was one security interest registered on the PPSR relating to WNZL’s specific assets. Secured Party Collateral Type Status Canon Goods – Other Registered 4.1.2 Preferential and Unsecured Creditors We summarise the creditor position of the Company in the context of liquidation below. 1. Preferential creditors Company records indicate there are $2.14 million of preferential claims which we are in the process of verifying: Employee entitlements totalling $2.14 million for WNZL. Certain obligations to employees are accorded statutory priority in a liquidation, to a limit of $22,160 per person. Employee entitlements above this level rank as unsecured claims. IRD claim of $1,800. There are no other preferential creditors. 2. Secured creditors There was one security interest registered on the PPSR relating to a WNZL specific asset. This relates to security over equipment. We expect this security to be released. 3. Unsecured creditors To date we have received unsecured creditor claims totalling $6.69 million in WNZL which we are in the process of verifying. This includes the non-preferential portion of staff entitlements, but does not include the intercompany payable to Wynyard Group Limited ($171 million). 15 February 2017 | 10306 Page 2 It is possible there are other unsecured creditors. Unsecured creditors in the liquidation will include: Suppliers of goods and services who have not been paid. Any portion of the obligations to staff which exceeds the sum accorded preferential status. Customers who have paid for services which have not been supplied. Parties who can prove they have been caused loss by WNZL. 5 Proposed Conduct of the Liquidation The proposed conduct of the liquidation of WNZL will involve: Realising all remaining assets, including: − The ACA product, which is the last product stream remaining to be realised. We continue to pursue potential sale opportunities. − Intercompany receivables will be determined once the outcomes of the administrations in other jurisdictions are known. Determination of claims against the proceeds in WNZL, in the context of the statutory priorities. Consideration of the prospects of recoveries for creditors from voidable transactions (if any) and breaches of duty (if any), to the extent that funding is available for the necessary investigations. Should any creditors have any information or any matter that they feel warrants investigation, please advise the Liquidators in writing. Payment of any proceeds to creditors in the statutory order. Based on our experience in such matters, we estimate the liquidations will require 6 to 12 months if no action ensues on voidable transactions or breaches of duty. 6 Creditors’ Meeting The Liquidator is not required to summons a meeting of creditors, pursuant to section 243(11) of the Act. Please note that, pursuant to Section 314 of the Act, creditors are advised that at any time in the course of the liquidation, the Liquidators will, at the request in writing of any creditor or shareholder, call a meeting of creditors for the purpose of appointing a Liquidation Committee. 7 Unsecured Creditor’s Claim Form If your claim has changed or you have not submitted a claim form during the Company’s voluntary administration, you will need to submit a new claim bringing the amount you are owed up to date at the date of liquidation. An unsecured creditor’s claim form is enclosed for your convenience. We request that this be completed and returned to our office together with supporting documentation to register your claim in the liquidation. We hereby fix 3 March 2017 as the date on or before which creditors of the Company are to make their claims and to establish any priority their claims may have under Section 312 of the Companies Act 1993, or to be excluded from the benefit of any distribution made before the debts are proved or, as the case may be, from objecting to the distribution. If you believe that you hold a security for your claim please contact us for the appropriate form. Should you have any queries relating to these claim forms please contact [email protected]. 15 February 2017 | 10306 Page 3 8 Estimated Date of Completion of Liquidation We will provide an estimated date for the completion of the liquidation in our next report. Should you have any queries regarding the liquidation of the company, please do not hesitate to contact Larissa Logan of this office. Yours faithfully Neale Jackson Joint and Several Liquidator 15 February 2017 | 10306 Page 4 Wynyard (NZ) Limited (In Liquidation) Creditors Name & Address Listing Name Address 1 Address 2 Address 3 Address 4 181 High Street PO Box 1026 Christchurch 8013 Aaron Morgan 66 Bibiana Street Halswell Christchurch Abigail Bloy 91 Rossall Street Merivale Christchurch Action Security and Access PO Box 76179 Northwood Christchurch 8548 Adam Sheffield 359 Titirangi Road Titirangi Auckland AEI Saudi PO Box 26090 Riyadh 11486 Saudi Arabia AJ Park PO Box 949 Wellington 6140 Al Arabi Travel Agents Al Arabi Travel Agency PO Box 24904 Dubai United Arab Emirates Altezano Limited PO Box 8550 Symonds Street Auckland 1024 Amazon Web Services Inc PO Box 84023 Seattle WA 98124-8423 United States Amelia Diggle 17-8 Tobago Place Sunnynook Auckland Andrea Kitchingman 75 Kedleston Drive Avonhead Christchurch Andrew Griffiths 21 Park Avenue Oxford Canterbury Andrew Kitchingman 75 Kedleston Drive Avonhead Christchurch Andrew Smith 14/23 Tennyson Street Te Aro Wellington Andrey Konstantinov 2/125 Roydvale Avenue Burnside Christchurch Angela Dellabarca 18 Grove Road Devonport Auckland Ansarada Pty Limited Level 2 80 George Street The Rocks NSW 2000 Australia Anthony Lewis 6 Kiln Lane Prebbleton Christchurch Antti Puurula 5/29 Office Road Merivale Christchurch Anu Cherian 24 Wilfiled Drive West Melton Christchurch Aotea Security (NZ) Limited - PO Box 8366 Christchurch Canterbury APNIC Pty Ltd South Brisbane QLD 6 Cordelia Street PO Box 3646 Australia 4101 Archana Manur 2/364 Madras Street Christchurch Central Christchurch Arthur Investment Group 109-113 Powderham Staples Rodway New Plymouth 4310 Street Villa29, Sheikh Obaid Arvind Nand Villas 18a Street, Alsafa Dubai United Arab Emirates ASP Gulf LLC Office # 306 Building-3 Dubai Internet City Dubai United Arab Emirates Aspect Furniture Systems PO Box 2144 Washdyke Timaru 7941 Aspire Executive Search PO Box 1852 Shortland Street Auckland 1140 Assurity Consulting Ltd PO Box 25440 Wellington 6146 Atlassian Pty Ltd (WNZ) Level 6 341 George Street Sydney NSW 2000 Australia Australian Federal Police Locked Bag A3000 Sydney South NSW 1232 Australia Aviva 8 Surrey Street Norwich NR1 United Kingdom Bakir Mohammad 1/16 Atlantis Place Sunnynook Auckland Basil Buwalda 30 Rands Road Fernside RD1, Rangiora Beyond D NZ Limited PO Box 106357 Auckland 1010 Bidvest Direct T/A Fruitrunners Limited PO Box 37506 Auckland 1033 Bradley Patterson 10b Marlborough st Phillipstown Christchurch Brett Versteegh 2C 66 Armagh Street City Central Christchurch Brian Johnstone 11 Birdling Place Halswell Christchurch Bruce McKenzie 53a Andersons