The former Alley Cantina restaurant premises in Dunedin are being marketed as an opportunity for a new operator, the liquidators initial report to creditors and shareholders says.
Trevor and Emma Laing, of Laing Insolvency Specialists, who were appointed by shareholder resolution last month, said they were not able to provide any meaningful financial information at this early stage in liquidation.
There were “numerous” assets requiring valuations and the liabilities required further confirmation from the various parties involved.
The report says the company was incorporated in 1994 and, for many years, operated a popular licensed restaurant/bar business from leased premises in George St.
The business traded successfully under the management of previous director Mike Bankier, who had many years of experience in the hospitality industry.
Unfortunately, Mr Bankier became seriously ill in late 2020 and was unable to take any further part in the business. He died a short time later.
The company continued to trade with appointed managers until the end of June, when it was decided to cease trading.
During the last three years, there had been some interest in purchasing the business but no sale had been achieved.
The uncertainty had caused delay to the sale process, creating financial stress requiring further capital to be introduced.
There were six registrations recorded on the Personal Property and Securities Register. There appeared to be first and second ranking general security agreements securing the company assets.
The remainder of the registrations related to security over goods supplied or leased items.
The liquidators were aware of the ERA determination and a portion of that determination might be preferential.
They had been advised the company had Inland Revenue Department liabilities — the exact amount of the preferential debt was being confirmed.
At this stage, the liquidators were aware of nine unsecured creditors.
It was too early in the liquidation process to estimate if there would be a dividend available for creditors.
