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A second company of Dunedin businessman Glenn Alexander has been placed in liquidation, following the collapse of bedding manufacturer Ellis Fibre. As one of the majority shareholders, Mr Alexander recently put his housing insulation company Technobond into liquidation.
Technobond operated alongside Ellis Fibre in Kaikorai Valley Road in Dunedin and, although initially not drawn into the receivership and subsequent liquidation of Ellis Fibre, the liquidation appears to be headed toward dismantling the two-decade old company, despite auditors, KPMG, efforts to find a buyer.
Although KPMG report did not outline the total extent of Ellis Fibre's debt, nor tally up the total assets which might offset the debt. KPMG said the employees' preferential claims of about $58,000 will be paid in full, but noted IRD, another preferential claimant, was owed NZ$136,130 for overdue PAYE, GST and other deductions.
Ellis Fibre's assets were listed as stock and unfinished goods, intellectual property, plant and equipment and vehicles, plus customer payments owed to Ellis. Mr Alexander has a third company, Novadown Ltd, which is still registered with the Companies Office and is not in receivership.
In KPMG's report on Ellis Fibre, receiver Andrew Hawkes said Novadown operated out of the same Kaikorai Valley site and a guarantor over one piece of plant and equipment used by Ellis Fibre.
New Zealand Debt Solvers is known for being NZ’s leading registered company liquidators. Offering New Zealand businesses advice through friendly and registered liquidators in Auckland, Hamilton, Wellington and Christchurch, the team offer a confidential, affordable service that will take the stress out of having to liquidate your business.
To speak to New Zealand Debt Solvers about advice on creditors’ liquidations simply call 0800 000 265 today, or visit https://debtsolvers.co.nz/ to ensure liquidation proceedings can be addressed before outstanding debts can lead to reputational and financial damage.