Receivers expect ale house to run dry by end of year
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.