Liquidators Judith Shields and Malcolm Hollis, of Teneo Financial Advisory New Zealand Ltd, have now given public notice of their intention to remove Ex TCHL (formerly The Carlin Hotel Ltd) and Ex CHPML (previously Carlin Hotel Property Management Ltd) from the companies register.
Receivership of a third associated company, Queenstown Views Villas Ltd (QVVL), concluded in December.
The late Kevin Carlin developed the $30m Carlin Hotel in Queenstown’s Hallenstein St, opening it in March 2022.
He died, aged 69, of natural causes, in December the following year.
Two months later, in February, the company responsible for the hotel’s day-to-day operations, Ex CHPML, was placed into receivership.
Ex CHPML operated the hotel, which comprised six units and four carparks owned by QVVL, and three units and two carparks owned by secured creditor Pablo Pty Ltd.
Ex TCHL, which held the hotel’s intellectual property, was placed into receivership in July, 2024.
It and Ex CHPML were placed into liquidation that September.
According to a recent receivers’ report, the reason for the companies’ insolvency were ‘‘cashflow issues and trading losses which impacted the companies’ ability to continue trading’’.
At the time of receivership, Mr Carlin’s companies owed about $45m, of which about $40m was owed to Pablo Pty Ltd.
Pablo Pty Ltd bought The Carlin Hotel in October 2024 for $20.71m, while a 2015 Porsche Cayenne, owned by Ex CHPML, sold at auction for $24,000 last April.
The Otago Daily Times reported in January receivers recovered $33,000 from Mr Carlin’s estate in relation to Ex CHPML, but ‘‘no further realisations’’ were expected.
According to recent receivers’ reports, distributions totalling $794,800 had been made to Pablo Pty Ltd from Ex CHPML and Ex TCHL, while $817,000 was still owed, either directly or through cross guarantees relating to various loan facilities.
The final receivers’ report for Ex CHPML noted that Pablo Pty Ltd held personal guarantees from the estate and had subsequently made a claim in the estate and received a distribution.
Ex CHPML also owed Inland Revenue $316,128.38 — no distribution was made during the liquidation — while a preferential claim was not received for Ex TCHL.
Eight unsecured claims relating to Ex CHPML, totalling $225,668, were submitted to liquidators, plus another $16,046 in claims relating to Ex TCHL.
‘‘However, we are aware that there was $3.9m of unsecured claims reported by the receivers for … Ex CHPML,’’ the receivers said.
‘‘No distribution was made to unsecured creditors in either company due to insufficient recoveries being made in the liquidation,’’ they said.
There were also no funds available for further distribution to preferential creditors, while of the $62,000 in preferential employee claims made, $27,800 was paid.
Financial statements show in the 12 months to February, The Carlin had accommodation revenue of just over $1.2m, and food and beverage sales of $28,082.
Under Pablo Pty Ltd’s ownership, it is being converted into a fractional-ownership ‘‘residence club’’, with residences sold in one-10th shares and the former restaurant turned into a members’ lounge and bar.
