Re­ceivers ex­pect ale house to run dry by end of year

Central Otago Mirror - - NEWS -

Wanaka Ale House re­ceivers ex­pect to fin­ish work by the end of the year. The lake­front busi­ness and bar was placed in re­ceiver­ship in March but con­tin­ued to trade while the re­ceivers sold busi­ness as­sets, with set­tle­ment on June 28, the re­port by Mur­ray Frost and Michael Horne, of Deloitte, says. ‘‘The only other as­sets we are aware of are var­i­ous in­ter­com­pany debts and an over­drawn share­holder ad­vance.’’ Re­ceivers asked for re­pay­ment of the ad­vance and more in­for­ma­tion re­gard­ing any com­pany ad­vances but there was no re­sponse. The ap­point­ment of a liq­uida­tor by a pref­er­en­tial cred­i­tor may be ap­pro­pri­ate, the re­port said. When re­ceivers were ap­pointed, a first ranked se­cu­rity holder was owed $539,775 and a sec­ond se­cu­rity holder was owed $340,570. Re­pay­ments of $70,000 were made to the sec­ond party and $5000 to the first-ranked party. No sur­plus was ex­pected for un­se­cured cred­i­tors and re­ceiver­ship was ex­pected to be com­plete by De­cem­ber.

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