Sharechat Logo

Wynyard NZ liquidator still mulling $171M claim from parent, chases $5.9M from subsidiaries

Thursday 7th September 2017

Text too small?

The liquidators of Wynyard (NZ), the local unit of the failed crime investigation software developer, are still considering a $171 million creditor claim from the parent company while pursuing $5.9 million from two other subsidiaries of the group.

Neale Jackson and Grant Graham of KordaMentha are liquidators for both the parent Wynyard Group and Wynyard (NZ). Their latest six-month reports show the parent company's unsecured claim against the subsidiary is yet to be admitted by the New Zealand unit.

The report for Wynyard (NZ) shows a total of $180 million of creditor claims including the one from the parent. Of that, employees' preferential claims of $2.1 million have been paid in full and $6.96 million of other unsecured claims have been admitted but not paid.

The last remaining asset is receivables from group subsidiaries Wynyard (UK) and Wynyard (Australia) for $5.9 million. The liquidators have filed unsecured creditor claims in the liquidations of both the offshore companies but they have yet to be admitted, the Wynyard (NZ) report says. "We have no reason to expect they will be rejected," they say.

The return to creditors hinges on whether the Wynyard Group (WGL) claim is admitted "and for what value (if any)," they say. Given the impact WGL's claim will have on other creditors, the liquidators "are undertaking a detailed review of all the circumstances giving rise to the intercompany debt. We will then be in a position to make an informed judgement as how it should be dealt with."

Wynyard (NZ) had cash on hand of $2.3 million and receipts during the latest six months included $1.2 million from asset sales, bringing total receipts to $3.8 million. Payments made during the period, including preferential claims, amounted to $2.6 million.

Wearing their hats as liquidators of Wynyard Group, KordaMentha's Jackson and Graham, said they had received $423,088 of unsecured creditor claims. Wynyard Group had total receipts in the six months ended Aug. 8 of $131,314 including a refund of $75,000 from the NZX for the bond required when it listed, minus delisting fees. It made payments of $85,561.

Wynyard Group shares were delisted on May 31. It listed on the NZX in 2013, with investors paying $1.15 a share. The stock closed as high as $3.12 in March 2014 but shares were worth just 21.5 cents when the company eventually went under.

The KordaMentha pair were appointed voluntary administrators in October 2016 after failing to secure emergency funding from UK lender Skipton Building Society. Creditors voted to put the company into liquidation at a watershed meeting last February.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

17th September 2021 Morning Report
NZ Automotive Investments Limited (NZX: NZA) Proposed Sell Down by NZA Founder to Improve Liquidity
16th September 2021 Morning Report
15th September 2021 Morning Report
Seeka Limited (NZX: SEK) Announces Further Kiwifruit Acquisition
Briscoe Group Limited (NZX: BGP) Half Year Results Announcement
14th September 2021 Morning Report
Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Office Fund Established and Conditional Acquisition
Third Age Health Services Limited (NZX: TAH) Announces Acquisition of Belmont Medical
13th September 2021 Morning Report