In their first report into Ex TCHL, previously The Carlin Hotel Ltd, and Ex CHPML, previously Carlin Hotel Property Management Ltd, PricewaterhouseCoopers NZ’s Judith Shields and Malcolm Hollis said they were finalising their review of the bank statements of the companies.
"Should we identify any avenues for recovery, we will advise on this in our next report."
The late Kevin Carlin developed The Carlin, comprising nine units and six carparks, along with a restaurant,costing about $30 million, on Hallenstein St.
Opening in March, 2022, six units and four carparks were owned by a related company, Queenstown Views Villas (QVV).
The rest were owned by secured creditor Pablo Pty Ltd.
Mr Carlin died suddenly, of natural causes, in December, 2023 — about two months later, Pablo placed Ex CHPML and QVV into receivership.
At the time, the companies’ combined debt was about $45 million, $40m of which was owed to Pablo.
Last July, Ex TCHL — which held the intellectual property for the hotel — was placed in receivership by Pablo, which was owed about $12.5m.
Ex CHPML and Ex TCHL were placed into liquidation last September.
The liquidators report, for the six months to March 23, said receivers continued the operation of the hotel, pending the initiation of a sales process — Pablo purchased The Carlin last October. By November the debt had dropped to $29.5m.
But because the receivers had been trading the hotel, there were no accounts receivable for the liquidators to collect, their report said.
Because there were no realisations in the liquidation of Ex TCHL, no fees had been taken.
Regarding Ex CHMPL, at March 23 cash at bank totalled $9500.
Expenses over the reporting period totalled were $12,057; liquidators remuneration and expenses totalled $10,500 and the balance was attributed to GST on payments.
Receipts totalled $21,575, $20,000 of that was shareholder funding, and $1575 from "GST clearing account".
Last month, Mountain Scene reported receivers appointed to Ex TCHL are establishing the "security position" of a vehicle, understood to be a baby blue 2014 Bentley Mulsanne, which may be subject to a finance lease.
