LIQUIDATORS FIRST REPORT Section 255 of the Companies Act 1993 COMMERCIAL PRINT LIMITED (IN LIQUIDATION)

Transcription

1 COMPANY NO LIQUIDATORS FIRST REPORT Section 255 of the Companies Act 1993 COMMERCIAL PRINT LIMITED (IN LIQUIDATION) On 20 August 2014 at 8:15 am, Heath Gair and Iain Shephard were appointed liquidators jointly and severally of Commercial Print Limited by special resolution signed by the shareholders. 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 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 also based upon information available at this date, the Liquidators reserve the right to renew, and if necessary, amend the report. COMPANY INFORMATION Date of incorporation: 27 March 1919 Trading address: Type of business: 127 Park Road, Miramar Print Date ceased trading: 19 August 2014 Directors: Shareholders: Bruce Le Pine Kevin Leigh GL2 Limited BACKGROUND Commercial Print Limited (in liquidation) ( the Company ) is a longstanding print company specialising in labels and printed materials for corporates. The industry has suffered in recent years leading to a downturn in revenue for the Company. This, along with a high cost structure, has created cash flow issues and led to the Company having significant arrears to Inland Revenue. In the last six months the directors have attempted to sell the business to recoup funds to meet creditor obligations. Following the withdrawal of debtor finance from the Company s bank in late July, the Company reached a cash flow crisis in mid-august. Unable to obtain a

2 sale and following professional advice, the shareholders resolved to place the Company into liquidation. PROPOSALS FOR CONDUCTING THE LIQUIDATION The Liquidators will realise the assets of the Company. The best process to maximise value is by way of a going concern sale process. 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 STATEMENT OF POSITION The Liquidators have prepared an Estimated Statement of Position of the company as at the date of liquidation. MEETING OF CREDITORS A liquidator may call a meeting of creditors in order to decide whether to appoint a replacement liquidator. Having regard to the assets and liabilities of the company, the likely result of the liquidation and other relevant matters, the liquidator considers in accordance with Section 245 of the Companies Act 1993, a meeting will not be called unless, within 10 working days after receiving this notice, a creditor gives notice in writing to the liquidator requiring a meeting to be called. 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 30 September 2014.

3 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. Enquiries should be directed to Tabitha Hall. Heath Gair Liquidator Dated 28 August 2014

4 Estimated Statement of Financial Position as at 20 August 2014 Book value Estimated to realise $ $ Assets Accounts Receivable 422, ,000 Stock 350,050 85,000 Plant and equipment 686, ,000 GL2 Limited 3,010,996 Unknown Estimated Funds Available 765,000 (Subject to the costs of liquidation) Secured Creditors Bank of New Zealand Limited 294,376 UDC Finance 19,729 Preferential Creditors Employees (holiday pay and redunancy entitlement) 142,661 Inland Revenue 415,371 Unsecured Creditors Employees' unsecured claims 47,484 Inland Revenue 8,277 Trade Creditors 544,049 Shareholders current account 476,239 Estimated Shortfall (1,183,187) (Subject to the costs of liquidation) The information in this statement has been supplied by the company and the officers of the company. NO AUDIT HAS BEEN CONDUCTED Shephard Dunphy, its principals or staff accept no liability for the accuracy of the information.

5 2 Degrees PO Box 8355 Symonds Street Auckland, degrees Mobile Limited PO BOX 8355 Symonds Street Auckland Accident Compensation Corporation Debt Management Unit P O Box 3248 Wellington Adair Branding Co 19A Hardy Street Waterloo Lower Hutt Alsco TA NZ Towel Services PO Box 885 Palmerston North 4440 Apex Print Limited PO Box Wellington Mail Centre Petone 5045 Ascent 3D Print 12D Homestead Drive St Johns Auckland 1072 AshAir 9b Seaview Road Seaview Auto Glass Replacements 42 Aparima Avenue Miramar Wellington BDO 50 Customhouse Quay Wellington 6011 Beestons Binding Ltd P O Box 6456 Te Aro Wellington BJ Ball Papers P O Box Penrose Auckland Brigl & Bergemeister JNeugebauer@brigl-bergmeister.com Bunnings Limited PO Box Panmure Auckland 1741 Caffe L'affare P O Box 8 Wellington Candida P O Box Milford Auckland Capital Packaging P O Box 9081 Wellington Carrington Plumbing Ltd PO BOX Tawa Wellington Carter Holt Harvey Private Bag Auckland Mail Centre Auckland Central Group Forklifts & Trucks PO BOX Lower Hutt Central Office Supplies 46 Northcote Road Northcote 0627 Check Mate 15 Tory Street Wellington City Colourcraft Limited PO BOX 6494 Marion Square Wellington Computer and Telephone PO BOX Mana Porirua Contact Energy PO Box The Terrace Wellington 6143 Contact Retail CPI Graphics NZ Limited 10B George Bourke Drive Mt Wellington Auckland Crawford Carrying Company Limited PO BOX Petone Lower Hutt Crengle Shreves & Ratner PO Box Wellington Crown Equipment Limited PO Box Pakuranga Croxley Stationery P O Box Avondale Auckland Dave Goodwin Panelbeating 128C Park Road Miramar Wellington DGT International PO Box 15 Silverdale Die Cutting Services PO BOX Miramar Wellington Doonans Cleaning Rag Service P O Box Tawa Wellington Dpod P O Box Grey Lynn Auckland Dpod Wellington 182 Vivian Street Te Aro Wellington Dr Patrick D'Arcy DTS Limited P O Box Upper Hutt DX Mail DX Box CR59901 Auckland

6 Dynamic Concepts Limited PO Box Panmure Auckland E C Attwoods Limited T/A Attwoods P O Box Highbrook Manakau 2161 ELGas P O Box Christchurch Envirowaste Services Private Bag Penrose Auckland Express Couriers Limited P O Box Wellington Mail Centre Lower Hutt Finely Finished Limited P O Box Botany Auckland Floramedia 127 Park Rd Miramar 6022 Formware Forms & Labels P O Box Northcote Auckland Fuji Xerox Limited PO BOX 5948 Wellesley Street Auckland Full Circle Recycling PO Box Penrose Auckland 1642 Garratt Print Smart Printing P O Box 6402 Wellington Gaslift Reco PO BOX Upper Hutt Gazley Motors Limited PO BOX 319 Wellington Genesis Energy Private Bag 3131 Waikato Mail Centre Hamilton Geon Limited Gibson Pacific Printing Supplies Level 1/22 Industry Road Mt Wellington 1061 Gibson Rusden Limited Ground floor 182 Vivian Street Wellington Go Figure 2005 Limited PO BOX 9354 Marion Square Wellington Victoria St West, Goodman Fielder NZ 2/8 Nelson Street PO Box Auckland 1142 Graphic, Lamination & Coatings PO BOX Penrose Auckland GS1 New Zealand PO BOX Manners Street Wellington Headwear Stockists (NZ) PO BOX Penrose Auckland Heidelberg Graphic Equipment Limited P O Box Sylvia Park Auckland Hoffman Motors Limited 44 Main Street Pahiatua 4910 Pahiatua Horowhenua Saw Doctors P O Box 1145 Levin Hostmann-Steinberg P O Box Glen Innes Auckland Information Management Services (IMS) P O Box 407 Hastings Inland Revenue Department P O Box Wellington Inland Revenue Department P O Box Wellington Isotec 122 Waimairi Road Ilam Christchurch James Battlefield PO BOX Kilbirnie Wellington JPrint Limited Kale Print 219 Cameron Road Tauranga 3141 Bay of Plenty Keycode Key Security PO Box Royal Oak Auckland 1345 Label and Litho Limited PO BOX Wellington Mail Centre Lower Hutt Labels Plus PO BOX Lower Hutt Maersk Line 12 Queen Street Auckland Central Auckland Marsh Limited PO BOX 699 Wellington Mesh Limited P O Box 6236 Wellington Metalworx Engineering Limited Vivian Street Te Aro Wellington

7 Mini Pack Quick Shrink PO BOX Auckland Airport Auckland Ministry for Primary Industries PO BOX 2526 Wellington 6140 New Zealand MJ Motors PO Box Miramar Wellington Modern BookBinding PO BOX Wellington Mail Centre Lower Hutt Monitor NZ Limited P O Box 6842 Wellesley Street Auckland 1141 Multimail Solutions PO BOX Onehunga Auckland Murphys Movers PO BOX Thorndon Wellington 6144 New World Miramar 48 Miramar Avenue Miramar Wellington New Zealand Customs Service PO Box 29 Shortland Street Auckland 1140 New Zealand Police Infringement Bureau PO Box 9147 Wellington 6141 New Zealand Post PO Box 2349 Christchurch 8140 Nick Harrison Consulting Limited 100 Bing Lucas Drive Tawa Wellington Nursery & Garden Association PO BOX 3443 Wellington NZ Couriers P O Box 2087 Wellington NZ Safety Limited Private Bag Victoria Street West Auckland NZ Transport Agency Private Bag 6995 Wellington 6141 Office Products Depot PO BOX Tawa Wellington Online Security Services PO BOX Penrose Auckland Orange Box PO BOX Wellington Mail Centre Lower Hutt Packaging Products Limited P O Box Lower Hutt PaperQuip P O Box Wellington Mail Centre Lower Hutt PBT Couriers PO Box Penrose Auckland PBT Transport Limited PO Box Penrose Auckland Plymouth Consulting & Publishing Co. Ltd. PO BOX Takapuna Auckland Powerex Limited Unit 3, Building B/59 Marsden Road Lower Hutt 5010 PPG Industries NZ Limited PO BOX Otahuhu Auckland Premier Business Print PO BOX Pakuranga Auckland Presentations Solutions Limited PO Box Tawa Prime Source PO Box Penrose Auckland 1642 Print NZ PO Box Botany Auckland 2613 R Short & Sons Pty Ltd Unit 2 70 Wadhurst Drive Boronia Rentokil Limited Private Bag Onehunga Auckland Ricoh NZ P O Box Newton Auckland RM Electrical P O Box Wellington Mail Centre Lower Hutt Haven Accounting Services Freemans Bay, Rollinson Electrical Limited 1 College Hill Auckland, 1011 Royale Intl Couriers (NZ) Limited PO BOX Auckland Airport Auckland Scotpac P O Box Auckland 1143 Screenart Productions Limited PO BOX Wellington Mail Centre Lower Hutt Service Printers Limited PO BOX 6128 Marion Square Wellington

8 Shock Limited Simply Energy PO Box The Terrace Wellington 6143 Simply Energy PO Box The Terrace Wellington 6143 Sims Print Finishing 46 Waione Street Petone Lower Hutt Smartpark PO BOX Remuera Auckland Southern Cross Health Society Private Bag Newmarket Auckland Spicers Paper Spicers Wellington P O Box Lower Hutt Spirit of Adventure Trust PO BOX 2276 Shortland Street Auckland Staples New Zealand Limited PO BOX 7126 Wellesley Street Auckland Stationery to You P O Box 9250 Marion Square Wellington Stonehedge Limited Subabu Limited 251 Riddiford Street Newtown Wellington Syntech NZ Limited P O Box Titirangi Auckland Telarc SAI Limited PRIVATE BAG Remuera Auckland The Body Stable 133C Park Road Miramar Wellington The Reference Publishing 25 Exmouth Street Eden Terrace Auckland The Service Company Limited PO BOX Newton Auckland Thorndon Rubber Limited P O Box Lower Hutt Victoria St West, Thorndon Rubber Limited C/- Baycorp Private Bag Auckland Timbrel Paper 33A Montgomery Crescent Maoribank 5018 Upper Hutt TS Wilson Jnr Ltd P O Box 8884 Symonds Street Auckland Scottish Pacific Debtor Finance Tuapeka Gold Print Limited Ltd P O Box Auckland UDC Finance Limited PO Box Victoria Street West Auckland Unimac Graphic Ltd PO BOX Newlands Wellington Van Dyke Press 8 Short Street Brookvale Venture Customs P O Box Khandallah Wellington Vodafone P O Box Victoria Street West Auckland 1142 Vodafone New Zealand Limited PO Box Wellington Mail Centre Lower Hutt 5045 W Office Services 27 Benares Street Khandallah Wellington Waikanae Plastics Ltd C/- Shephard Dunphy PO Box Wellington Waiwhetu Distributors P O Box Wellington Mail Centre Lower Hutt Walki Oy P.O.Box 40 FIN Valkeakoski Finland Warehouse Stationery P O Box 9249 Newmarket Auckland Wellington Business Forms P O Box Miramar Wellington Wellington Print Finishers P O Box Petone Lower Hutt Western Mailing P O Box Petone Wellington Wickliffe NZ Ltd Private Bag Auckland 1142 Window Treatments NZ Ltd PO BOX 6260 Upper Riccarton Christchurch Wormald P O Box Wellington Mail Centre Lower Hutt

9 WR Twigg 45A Waione Street Petone Lower Hutt Yellow Pages PO Box Greenlane Auckland 1546 Young Enterprise PO Box Featherston Street Wellington Z Energy Limited PO BOX 2091 Wellington