Four of 10 clinics of Physiomed, in liquidation, owing more
than $620,000, have been sold and liquidators hope more may
yet be sold.
More than 40 unsecured creditors are likely to be left out of
Five clinics in the wider Dunedin area, four in Christchurch
and one in Lower Hutt operated under the banner of Physiomed
Ltd, which was placed in voluntary liquidation on July 9.
Physiomed's directors, David Murray and Adrian Hamill, who
are also the majority shareholders, told liquidator Iain
Nellies, of Insolvency Management, in Dunedin, that changes
to ACC funding in recent years meant a reduction in revenues.
''We are continuing to trade the remaining clinics for a
short time in the hope of arranging their sale,'' Mr Nellies
said, in the liquidator's first report.
Four clinics had been sold - one each in Wellington and
Christchurch and two in Dunedin - while negotiations were
under way to sell four more.
Two in Christchurch were unable to be sold as they were in
buildings to be demolished, Mr Nellies said. The assets of
clinics for sale had been included in the sale agreements.
Remaining assets would be sold by auction.
While the total assets of Physiomed have not yet been
determined, which will offset debts, the three secured
creditors, including Westpac, are owed a total $200,722 and
14 preferential creditors are owed $419,822, including staff
On the question of 41 unsecured creditors claims, there was
no total yet available, but there was ''unlikely'' to be
funds to pay them.
The three secured creditors have security interests
registered against Physiomed, while employees and Inland
Revenue claims, as preferential creditors, outweigh claims of
''It's anticipated this [sale] process will be concluded very
shortly,'' Mr Nellies said.
Physiomed was first incorporated in May 1998, Companies
Office records show.