Earlier this year, Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed liquidators of Accelerando Ltd, which traded as HappyMoose, by shareholder resolution, owing more than $454,000.
The liquidators previously said a decision was made in October last year to sell the HappyMoose business and use the proceeds to fund the international expansion of Keepers Photos Ltd, which developed a photo storage application and was wholly owned by Accelerando.
But agreement could not be reached about the sale process and the delay contributed to a reduction in the business’ cash reserves, the company’s director told the liquidators.
Accelerando was incorporated in 2014 and provided photo printing services via an online ordering website.
Its majority shareholder was Xun (Alex) Dong - who was also the sole director of Keepers Photos Ltd - and there were three other shareholders.
In their six-month report, the liquidators said they arranged to keep the HappyMoose division of the company trading while the entity was marketed for sale.
The employees agreed to continue in their roles in the interim and that meant trading was able to continue without too much interruption.
Inquiries were made by the liquidators as to the value of the division as a going concern and the options available for its sale.
Those inquiries indicated there was possibly a limited market for some of the lines of product supplied by the company and although there was interest being shown, only one offer eventuated.
The liquidators considered the offer was for fair value and the best option available.
The transfer of the business had now been completed and there was a final payment to be received, due to be paid in the next reporting period.
There were several other areas of inquiry the liquidators were concentrating on relating to transactions that occurred prior to liquidation.
Liquidators of a Lake Hayes-based building firm have received claims totalling more than $284,000 since March.
PM Construction was incorporated in 2017 and undertook new builds in the Central Otago area.
Director Phillip Moodie, also the sole shareholder, previously advised liquidators Trevor and Emma Laing that he underpriced a contract in Frankton.
It was on a steep site, winter weather caused delays and despite his best efforts, he was unable to improve the situation.
After taking professional advice, he decided to cease trading to limit any further liabilities.
In their six-month report, the liquidators said some physical company assets had been sold and the sale of remaining items was continuing.
They were aware of other creditors who had not filed a formal claim as this had not yet been required.
It was predicted the liquidation would be completed within the next six-month reporting period.
- Allied Media
