Liquidators are investigating if a Christchurch restaurant operation owing Inland Revenue an estimated $800,000 has further debts.
Bikanervala Christchurch Limited, trading as Bikanervala, appears to have gone under as a result of difficult trading conditions.
A first liquidator’s report was put out on Monday, May 5 by Paul Vlasic and Derek Ah Sam from Rodgers Reidy (NZ) after they were appointed joint liquidators of the business on April 28.
Bikanervala began trading in December, 2017 with Thomas Shaji Kurian listed as a company director and Divya Bereddy, Padmakar Shevde and Shawn Kurian Thomas as shareholders.
The liquidators were advised the business and assets were sold last March with Mr Kurian informing them difficult trading conditions were behind the insolvency.
In the initial report to creditors and shareholders the liquidators said a copy of the sale and purchase agreement had been requested and the agreement would be reviewed.
The were no employees when the business was put into liquidation.
The liquidators are unaware of preferential employee claims.
A list of creditors with security interests has been prepared for investigation with some of them discharged.
Mr Vlasic said they had yet to receive a preferential claim from IRD, however, they were aware of amounts outstanding.
In the statement of affairs the IRD is listed as having $800,000 unpaid, while potential debts from other parties were still under investigation.
The IRD estimate has yet to be confirmed.
The liquidators said funds for unsecured creditors were unlikely, although recovery actions could yet bring in additional funds after the company’s books and records were examined.
A further report is due to be released in November with date yet to be set for the liquidation to be completed.
