Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed liquidators of Rainbow Dunedin Ltd in the High Court at Dunedin in November, on the application of Bertfour Ltd.
The company, which was incorporated in 2021, holds a lease and operates the Regal Court Motel business in George St, the liquidators’ initial report said.
Its shareholders were NZ (BOP) Investment and Development Ltd and Jiafeng Liu while Mr Liu, whose address was Bluff, was the sole director.
On their appointment, the liquidators were advised by the director’s solicitor of an intention to apply to the court to have the liquidation terminated. That application was filed on December 13 and a hearing date of February 12 had been set.
The liquidators had continued to trade the motel operation to give time for the court application to be filed but would need to begin looking at sale options if the application was not successful.
It appeared that suppliers/trade creditors and employee payments were all up-to-date and those were continuing to be paid from trading funds.
Creditors identified to date consisted of Inland Revenue, although the amounts were relatively recent, and the debt owed to the petitioning creditor. The director advised that debt was disputed and that dispute would form part of the court application to terminate the liquidation. Unsecured creditors were estimated at nearly $227,000.
