Liquidators First Report

Transcription

1 Liquidators First Report Introduction PLATINUM LOGISTICS LIMITED (IN LIQUIDATION) On 8 January 2018 at 8am, Iain Bruce Shephard and Jessica Jane Kellow were appointed liquidators jointly and severally of Platinum Logistics 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: 22 May 2012 Date ceased trading: 8 January 2018 Current Registered address: Previous Registered address: Trading address: Type of business: Director: Shareholder: Shephard Dunphy Limited Level 2, 82 Willis St, Wellington 6011 Enable Business Limited Oriental Pde, Wellington 6011 Unit 13, 5-7 Lower Tyers Rd Ngauranga, Wellington 6035 Commercial Relocation and Storage Grant David Stevens Grant David Stevens

2 Background Platinum Logistics Limited (now In Liquidation) ( the Company ) was incorporated in 2012 and had premises in both Wellington and Auckland. The Company s primary business was as a commercial relocator providing long-haul freight service throughout the country. The Company also operated the well-known NZ Piano Movers brand and website, as well as providing storage facilities primarily to commercial clients and government departments. The liquidators have been advised that the Company had traded well during its operation. However, the director has advised that in recent months the Company began to experience a downturn in work. This reduction in work, together with the departure of certain clients and several staff members, has resulted in the Company experiencing cash flow difficulty. Taking account of the Company s trading over recent months, its outstanding taxation obligations, and projections indicating the unlikelihood of profitability in January 2018, the shareholder resolved to place the Company into liquidation. Proposals for conducting the liquidation The Company operated with the following vehicle fleet: ten vans; four trailers; two cars; and a forklift. The liquidators understand that of all the vehicles, except for a van and the forklift, are subject to security agreements. The liquidators understand that both unencumbered vehicles currently have mechanical issues. The liquidators have written to the secured creditors and have requested security documentation. The liquidators will review all documentation before agreeing to the release of any assets. At this stage, the liquidators are uncertain of the equity, if any, the Company has in the encumbered vehicles. The Company also has a number of shipping containers that it used for the storage of customers goods. The liquidators are aware of 23 containers at the Company s premises in Wellington and a further smaller quantity at an Auckland address. Several of these containers are owned by the Company and others are leased. The liquidators have written to the lessors of the containers requesting copies of the lease documents and a schedule of the containers leased. The Company also has general office furniture (desks, office partitions, etc.) and computer equipment. The liquidators will sell any unencumbered assets for the benefit of creditors. The liquidators have been approached by several parties who have expressed interest in continuing one or more aspects of the Company s business. The liquidators are currently awaiting the respective offers from the various parties. The liquidators actions depend, in part, on whether the certain aspects of business of the Company is continued by a new party. The liquidators understand that there are significant accounts receivable to be collected. The liquidators, with the Director s assistance, are currently finalising all outstanding invoicing. Once this has been completed, the liquidators will write to the Company s debtors and collect the remaining accounts. 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 1993.

3 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. 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 19 February Creditors who do not make a claim within this period may be excluded from any distribution that may be made.

4 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. Contact Details Contact Person Bradley Burness Telephone bradley@sd.co.nz Postal Address PO Box Wellington JESSICA KELLOW Liquidator Dated 15 January 2018

5 PLATINUM LOGISTICS LIMITED (IN LIQUIDATION) Estimated Statement of Financial Position as at 8 January 2018 Assets Book Estimated Notes value to realise $ $ Vehicles - Encumbered 485,106 Unknown 1 Vehicles - Unencumbered 16,339 Unknown Accounts Receivable 220, ,000 NZ Piano Movers Brand Unknown Unknown Office Equipment and Furniture 3,166 3,000 Estimated Funds Available (Subject to the costs of liquidation) Unknown Preferential Creditors (to be confirmed) Employee Wages 17,485 2 Employee Holiday Pay 12,329 2 Inland Revenue (estimated) 80,000 3 Secured Creditors (to be confirmed) Royal Wolf Trading New Zealand Limited Unknown 4 TR Group Limited Unknown 4 Heartland Bank Limited 19,713 Motor Trade Finance Limited 215,305 Fleetpartners Limited Unknown 4 Unsecured Creditors (to be confirmed) Trade Creditors (estimated) 63,000 Inland Revenue Unknown 3 Unsecured Employee Holiday Pay 24,071 5 ASB Bank 5,972 Shareholder Advances 88,805 Estimated Shortfall (Subject to the costs of liquidation) Unknown 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. The liquidators are awaiting further information from the secured creditors. At this stage, we are uncertain of the Company s equity, if any, in the encumbered vehicles. 2. These figures are the gross amounts from the Company s ipayroll system 3. This estimate is based on the information provided by the Company s director. The liquidators await a completed proof of debt from Inland Revenue in due course. 4. The liquidators have written to the secured creditor, but are yet to receive a response as to the amount owed by the Company under the security agreement. 5. Entitlements of the director and any relatives of the director (as defined in s 2 of the Companies Act 1993) are not classified as preferential and have thus been recorded as unsecured.

6 PLATINUM LOGISTICS LIMITED (IN LIQUIDATION) Schedule of Creditors Name Address 1 Address 2 Address 3 Accident Compensation Corporation Debt Management Unit P O Box 3248 Wellington Inland Revenue Department P O Box Wellington Airflowe Limited 6/78 Hutt Road Kaiwharawhara Wellington ASB Bank PO Box 35 Shortland Street Auckland 1140 Autostop Johnsonville 2 Disraeli Street Johnsonville Wellington 6037 AWF Limited PO Box Penrose Auckland 1642 Boxman PO Box 1373 Nelson 7040 Buro Seating PO Box Ellerslie Auckland 1131 Chair Solutions 106 Hutt Park Road Lower Hutt Soho Computer Services Limited 10 Ridd Screscent Karori Wellington 6012 Damen Office Furniture Limited PO Box Sylvia park Auckland 1644 Eden Office Seating PO Box Auckland 1643 Efficient Moving and Storage PO Box 562 Napier 4140 Enviro Waste 125 Gracefield Road Seaview Lower Hutt Fleetpartners Limited PO Box Manukau Auckland 2241 Heartland Bank Limited 75 Riccarton Road Riccarton Christchurch 8011 ipayroll Limited PO Box Featherston Street Wellington 6146 James Brow JJ Richards & Songs NZ Pty Limited PO Box Manukau City 2241 Kiwimove PO Box Botany Manukau 2163 LJ Auto Electrical 149 Johnsonville Road Johnsonville Wellington 6037 Motor Trade Finance Limited PO Box 885 Dunedin NAI Harcourts Cooper & Real Estate 7 Alpers Avenue Newmarket Auckland 1023 Novus Auto Glass wellington@novus.co.nz NZ Couriers 32 Botha Road Penrose Auckland 1061 Pikes Point 81 Captain Springs Road Pivotal Print 35 Martin Square Wellington Central Wellington Potter Interior System PO Box Petone Lower Hutt 5046 Prices Packers and Movers 229 Kaikorai Valley Road Kaikorai Valley Dunedin 9011 Profile Distributors Limited 3 Broadway Newmarket Auckland RCR Infrastructure PO Box 19 Silverdale Auckland 0944 Royal Wolf Trading NZ Limited PO Box Otahuhu Auckland 1640 Secure A Load 17 Andrew Baxter Drive Airports Oaks 2022 Auckland South Pacific Music Distributors PO Box North Shore Mail Centre Auckland Stratford Office Furniture 118 Celia Street Stratford West 4332 Thoroughbred Floats 142 Whangarate Road Tuakau 2121 TR Group Limited PO Box Penrose Auckland 1642 Tradestaff Wellington PO Box Wellington 6144 Trafalgar Motors 109 Trafalgar Street Royal Oak Auckland Wellington Scrap Metal 18 Tyers Road Ngauranga Gorge Wellington Employees John Davidson Kevin Fauatea Chloe Hunter Ratu Karamaena Paul Kaveinga Tayne Laird-Mahu Andrew MacKinnon Jayden MacKinnon Reuben Pou Grace Stevens Alex Tufele AJ Tuveve Alatise Vaiouga Mose Vaiouga John Wantepe

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