Liquidators First Report

Transcription

1 Liquidators First Report ANKUR S NICE & SPICE LIMITED (IN LIQUIDATION) Introduction On 24 January 2017 at 3:30pm, Iain Shephard and Jessica Kellow were appointed liquidators jointly and severally of Ankur s Nice & Spice Limited by special resolution signed by the shareholder. We have made the appropriate enquiries and are of the opinion that we are not barred from acting as liquidators under Section 280 of the Companies Act Restrictions The liquidators take no responsibility for any misinformation contained in this report that has been supplied by the Company, its officers or other persons. The report is based upon information available at this date, the liquidators reserve the right to renew, and if necessary, amend the report. Company Information Company Number: Date of incorporation: 16 June 2008 Date ceased trading: 20 January 2017 Current Registered address: Level 2, 82 Willis St, Wellington 6011 Previous Registered address: 44 Nelson St, Petone, Lower Hutt 5012 Trading address: 44 Nelson St, Petone, Lower Hutt 5012 Type of business: Director: Shareholder: Indian Grocery Store Hiteshkumar Vyas Hiteshkumar Vyas

2 Background Ankur s Nice and Spice Limited, ( the Company ), operated as a spice retailer and a general Indian-goods grocery store in Petone, Lower Hutt. The Company traded well initially, enjoying a solid customer base and taking advantage of previously untapped Wellington market. The liquidators were informed that as time progressed the Company faced competition in the market and it began to sustain financial difficulties, thus leading to an inability to pay its creditors. During this time, the Company began to incur large liabilities with Inland Revenue for unpaid PAYE, GST, and Income Tax. Faced with multiple statutory demands and an application to liquidate, the shareholder sought professional advice and resolved to place the Company into liquidation. Proposals for conducting the liquidation The liquidators met the director on two occasions prior to the execution of the resolution to appoint liquidators. The purpose of the meetings was to discuss the solvency of the Company. The primary assets of the Company at that time were stock and fixed assets including shelving, fridges and general store chattels. At the appointment of liquidators, the majority of the assets and stock had been removed from the premises. The Director is not cooperating with the liquidators and to this extent we seek any information that creditors may hold regarding the location of the stock and assets. The liquidators have requested security documentation from the secured creditors. The liquidators will review all documentation before agreeing to the release of any assets. The liquidators intend to sell any unencumbered assets for the general benefit of the Company s creditors. It appears that a Mercedes-Benz vehicle was refinanced in the days prior to the liquidation. The liquidators will review this transaction. The liquidators will conduct an investigation of the Company s books and records to further establish if there are any potentially voidable transactions that require investigation, and further to ensure that the directors have complied with the duties and obligations imposed on them under the Companies Act In the event that there are funds available for a distribution, the liquidators will admit creditor claims and make a distribution. The liquidators will then complete a final report and request that the Registrar of Companies remove the Company from the register. Statement of Position The liquidators have prepared an Estimated Statement of Position of the Company as at the date of liquidation.

3 Meeting of Creditors After having regard to the assets and liabilities of the Company, the likely result of the liquidation and other relevant matters, the liquidators, in accordance with Section 245 of the Companies Act 1993, have decided to dispense with a meeting of creditors. A creditor may request, by way of a notice in writing, a meeting of creditors within 10 working days after receiving this notice. In accordance with Section 314 of the Companies Act 1993 a creditor or shareholder may request the liquidator to call a meeting of creditors or shareholders at any time in the course of the liquidation to vote on a proposal that a liquidation committee be appointed to act with the liquidator. This request must be in writing. The liquidator may decline a request by a creditor or a shareholder to call a meeting on the ground that: (a) (b) (c) the request is frivolous or vexatious; or the request was not made in good faith; or the costs of calling the meeting would be out of proportion to the value of the Company s assets. The decision to decline a request may be reviewed by the Court on the application of any creditor or shareholder. Creditor s Claim Form Please find enclosed a creditor s claim form. Creditors should complete and return this form to the above address on or before 3 March Creditors who do not make a claim within this period may be excluded from any distribution that may be made. Should you be of the opinion that you hold a security interest this should be noted where appropriate on the form and advised to us immediately, along with the appropriate supporting documentation. Estimated Date of Completion It is not practicable to estimate the date of completion of the liquidation at this stage. Should you have any information that you believe would lead to realisations for the benefit of creditors, please set it out in writing, attaching copies of all documentary evidence, and send it to the liquidators. Please note that the liquidators can only act on written information as telephone, or other, conversations will be regarded as hearsay by any court.

4 Contact Details Contact Person Jessica Kellow Telephone Postal Address PO Box Wellington JESSICA KELLOW Liquidator Dated 26 January 2017

5 ANKUR'S NICE & SPICE LIMITED (IN LIQUIDATION) Estimated Statement of Financial Position as at 25 January 2017 Book Estimated Note value (March 2016) to realise $ $ Assets Fixed Assets 56,138 Unknown Stock 125,000 Unknown Estimated Funds Available (Subject to the costs of liquidation) Unknown Secured Creditors (to be confirmed) PMSI Creditors Unknown 1 BMW Financial Services New Zealand Limited Nil 2 Preferential Creditors (to be confirmed) Employees Unknown 3 Inland Revenue 45,162 Unsecured Creditors (to be confirmed) Inland Revenue 21,857 Trade Creditors 444,381 Estimated Shortfall (511,401) (Subject to the costs of liquidation) The information contained in the Estimated Statement of Position has been supplied by the Company. We have not verified the information supplied. The Estimated Statement of Financial Position has been prepared for the purpose of liquidation and we do not accept any responsibility on any grounds whatsoever, including liability in negligence, to any party. Notes: 1: There are several creditors holding PMSI security interests, however there is no stock available and therefore their debts have been recorded as unsecured. 2: We have been advised by BMW Finance that the debt owing to them was settled in full in the days preceding liquidation. The liquidators are reviewing this transaction 3: We await records from the director

6 ANKUR'S NICE & SPICE LIMITED (IN LIQUIDATION) Schedule of Creditors Name Address 1 Address 2 Address 3 2 Degrees creditsolutions@2degreesmobile.co.nz A B International PO Box Mt Roskill Auckland 1440 Accident Compensation Corporation Debt Management Unit PO Box 795 Wellington 6140 Ambiance Impex Ltd PO Box Otahuhu Auckland 1640 Big Blue PO Box Penrose Auckland 1642 Blue Cat Signs & Graphics PO Box Johnsonville Wellington 6440 BMW Finance (NZ) Limited collectionsnz@bmw.co.nz Crombie Lockwood (NZ) Limited PO Box 496 Wellington 6140 Desai & Company Ltd 231 Great South Rd Manurewa Auckland 2102 Eftpos New Zealand Ltd PO Box 3457 Wellington 6140 Farm Fresh Vege Ltd 4 Whetstone Rd Flatbush Auckland 2019 Fox International Ltd 8 Harvest Drive Henderson Auckland 1008 Fox International Ltd 51 Yule Street Kilbirnie Wellington Genesis Energy Limited Private Bag 3131 Waikato Mail Centre Hamilton 3240 Gibson Sheat Private Bag Lower Hutt 5040 Hare Krishna Unknown Harman Impex Ltd 53A Donovan St Blockhouse Bay Auckland 0600 Hutt City Council Private Bag Lower Hutt 5040 Ingham Wellington PO Box 9702 Wellington 6141 Inland Revenue Department PO Box Wellington Mail Centre Lower Hutt 545 J Punja NZ Ltd PO Box Manurewa Auckland 2243 I R Legal PO Box Lower Hutt 5040 Indian Stores Ltd 218A Riddiford St Newtown Wellington 6021 K D Ltd PO Box Takanini Auckland 2245 N J Impex 34a Busby St Blockhouse Bay Auckland 0600 New Zealand Transport Agency Private Bag Manawatu Mail Centre Palmerston North 4442 NZ Police PO Box 9147 Wellington 6141 Parbhu Gallagher Parag Ltd PO Box Newmarket Auckland 1149 Pooja Foods Ltd t/a Tulsi PO Box Wellington 6141 Pure Saffrona 27B Tyndall Street Waiwhetu Lower Hutt 5010 Raj Traders 19 Garden Rd Avalon Lower Hutt 5011 Rentokil Initial Ltd Private Bag Onehunga Auckland 1643 S Impex Ltd 168 Porchester Rd Takanini Auckland 2112 Safegard Alarms Limited 1/330 High Street Lower Hutt Salient Enterprises Ltd 1/6 Snell Place Pakuranga Auckland 2010 Sarvpriya Exports Pvt Ltd 300 Richmond Rd Grey Lynn Auckland 1021 Serendib Investments Ltd 8/90 Mount Royal Avenue Mount Albert Auckland 1025 South Pacific Food Supplies PO Box Manners Street Wellington 6142 Summit Trades Ltd c/o Baycorp PO Box Victoria St West Auckland 1142 Super Foods Ltd PO Box Onehunga Auckland 1643 Three Seasons For Fresh Vege Unknown Tip Top Bakeries & Weston Milling c/o EC Credit Control (NZ) Ltd PO Box 368 Napier 4140 Vandita Holdings Ltd PO Box Pakuranga Auckland 2040 Vodafone NZ Ltd Private Bag Highbrook Auckland 2161

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