Liquidators yet to contact shareholders

Liquidators of a Wanaka aviation company have not been able to track down two of its shareholders who owe nearly $95,000, the first liquidator’s report says.

Classic Flights Ltd was placed in liquidation in the High Court at Invercargill in October following an application from unsecured creditor AV Lease Ltd.

Classic Flights was based at Wanaka Airport and operated as a tourism business.

Hong Cheng and Yan Wang , both of China, were the majority shareholders with Junjie Li , of Auckland, owning 10%.

A report from joint liquidators Trevor and Emma Laing, of Trevor Laing and Associates, found the company owed a total of $94,364, of which $90,000 was owed to unsecured creditors. The remaining amount was for petitioning creditor costs.

Grey District Council, Dunedin Airport and the Bank of New Zealand were among a list of 11 unsecured creditors.

It was not known how much secured debt the company had or whether it owed money to Inland Revenue.

The company’s operations had ceased by July 2021 with all assets being disposed of and funds distributed, leaving the bank account with a small overdraft and some creditors unpaid, the report said.

To date, the liquidators have not been in contact with the two shareholders in China but had made contact with the minor shareholder who remained in New Zealand.

The new occupant claimed damage was caused in the removal of assets that it wished to claim for, the report said.

The liquidators had not located any company records other than copies of the company’s bank statements.

"An initial analysis of these documents has raised some issues that will require further inquiry," the report said.

It was too early to predict if sufficient funds would be available to make a dividend payment to unsecured creditors.

The liquidation was expected to be completed in the next 12 months.

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