Liquidators have buried the dead company behind a favourite but now closed Queenstown café.
In their final report recently on Motogrill cafe which was on Shotover Street, Dunedin liquidators Ian Nellies and Gus Jenkins advise creditors the Companies Office has been asked to deregister Motogrill (2008) Ltd.
When shareholder-directors Emily and Rebecca Gibbons failed to sell Motogrill as a going concern, the pair sold the business’s physical assets before appointing Nellies and Jenkins this May to liquidate the company.
The assets fetched $11,884 – “fair value”, the liquidators say.
However, after liquidation costs of $8648, “employee and IRD deductions” of $2959, and a GST payment, nothing was left for the 22 unsecured creditors – 10 of whom are local firms.
Nellies and Jenkins also report:
“The liquidators identified that the shareholders had overdrawn current accounts, however these have proven unrecoverable due to their inability to repay.
“The liquidators, having liaised with them and reviewed their current personal circumstances, can confirm this position,” Nellies and Jenkins tell creditors.
The liquidators do not say by how much shareholder accounts were overdrawn.