Cranston Homes (Auckland) Limited (In Liquidation) Liquidators? Final Report INTRODUCTION AND APPOINTMENT Boris van Delden and Peri Micaela Finnigan, CAANZ Accredited Insolvency Practitioners, of Auckland, were appointed jointly and severally as liquidators of Cranston Homes (Auckland) Limited ("the company?) on 26 May 2017 by a special resolution of the shareholders. Pursuant to section 257(1)(a)(i) of the Companies Act 1993 ("the Act?) the liquidators herewith report to all creditors and shareholders that the liquidation of the company has been completed. This final report should be read in conjunction with the liquidators? previous reports. RESTRICTIONS Whilst all care and attention has been taken in compiling this report, we do not accept any liability whatsoever to any party as a result of the circulation, publication, reproduction or use of this report. We reserve the right (but are under no obligation) to review and, if we consider necessary, revise this report in respect of any information existing at the date of this report which becomes known to us after that date. REALISATION OF ASSETS 3.1 Debtors Debtors amounting to $283,121 (incl GST) were identified from the company?s records. The liquidators wrote to all creditors seeking payment however all have responded that the amount shown is disputed for various reasons including the quality of the work, the failure to complete the contract on time and payment by the client direct to sub?contractors or suppliers. There have been no realisations from debtors and these amounts have been written off. 3.2 Work In Progress The work in progress identified in the Statement of Affairs was work that had, according to company records, been completed but not invoiced. The invoices were created and sent out to clients and is included in the debtor figures identified above. McDonald Vogue 3.3 Inventory, O?ice Furniture, Equipment Computers To date the liquidators received $1,327 on sale of various plant and machinery items. These items were subject to a general security and the net proceeds have been distributed to the secured creditor. There are no further known assets to be realised. CREDITORS 4.1 Secured Creditors Two claims were received from creditors holding Purchase Money Security Interests (PMSIs) totalling $183,188. No payment has been made in respect of these claims. One claim was received from a General Security Agreement (GSA) holder for $8,535. A payment of $556 was made to the GSA holder from the realisation of assets. 4.2 Preferential Creditors The Inland Revenue Department submitted a preferential claim for $26,689. Payment of $21,831 has been paid to the preferential creditor representing a dividend of 81.7 cents in the dollar of their preferential claim. 4.3 Unsecured Creditors Unsecured claims were received from 66 unsecured creditors claim forms have been received which total $3,602,771. As anticipated in the Statement of Affairs, there are no funds available for distribution to unsecured creditors. INVESTIGATIONS The liquidators have completed their investigations into the books, records and affairs of the company. The investigations included the actions ?of the current and former directors and the sale of company assets to related parties. The director, Blair Cranston, was the subject of an investigation by the Registrar of Companies in relation to the management of the company. The liquidators have provided information to the Registrar in respect of that matter. Mr Cranston was adjudicated bankrupt on a creditor?s application in the Auckland High Court on 1 March 2018. The liquidators reviewed the tax position of the company in relation to pre?liquidation GST and filed returns with the Inland Revenue Department. A refund has been received in relation to debt write-off. No other matters were identified that could be pursued for the benefit of creditors. McDonald Vogue COMPLETION OF LIQUIDATION The liquidation of the company is now complete. A statement of realisations and distributions is attached." All known assets have been disclaimed or realised, or distributed without realisation, and all proceeds of realisation have been distributed. The company is ready to be removed .from the New Zealand Register ("the register?). REMOVAL OF COMPANY FROM THE REGISTER The liquidators have given public notice pursuant to Section 320(4) of the Act of the intention to remove the company from the register. The attention of all creditors or shareholders is drawn to Section 321 of the Act which provides that any person may send to the Registrar of Companies, not later than the date specified in the notice, an objection to the removal on any one or more of the following grounds: That the company is still carrying on business or there is other reason for it to continue in existence; or That the company is party to legal proceedings; or That the company is in receivership, or liquidation, or both; or That the person is a creditor, or a shareholder, or a person who has an undischarged claim against the company; or That the person believes that there exists, and intends to pursue, a right of action on behalf of the company under Part 9 of the Act; or That, for any other reason, it would not be just and equitable to remove the company from the New Zealand register. Note: Section 321(2) of the Act provides that a claim by a creditor or a shareholder or any other person against a company is not an "undischarged claim? if a receiver or liquidator has notified that person that the company has no surplus assets. The date by which objections must be lodged with the Registrar is 9 November 2018. PREVIOUS REPORTS Creditors are advised that all previous reports relating to the conduct of the liquidation are available on the liquidators? website CONTACT DETAILS Enquiries should be directed to Colin Sanderson on (07) 838 0908 or by email to CSanderson@mVD.co.nz. McDonald Vogue The Liquidators can be contacted at: McDonald Vague Limited Level 10, 52 Swanson Street Auckland 1010 Box 6092 Wellesley Street Auckland 1141 1.121? BORIS VAN DELDEN LIQUIDATOR DATED this 28th day of September 2018 Cranston Hom es/Com pletions/ 1401 Final Report McDonald ?9 Vogue Cranston Homes (Auckland) Limited (In Liquidation) 26 May 2017 to 28 September 2018 Realisations to Date Realisations _9f..?9.lldt?r5 Trus" Account 123 l?5luliefunds additional invoices 23,442 GST Refund pre-appointment GST refund 21,831 Interest . Sale of Plant machinery 1,327 Total Realisations $51,855 Payments LiqUidators Fees .. 28:084 Disbursements 1,047 Total Liquidators Fees $29,131 WOther Costs of Liquidation Bank FEES . . . . .. .. Commission Cost of Sales Total Costs of Liquidation $337 Distributions Secured Creditor 556 Preferential GSTwand PAYE . 21,831 Total Distributions to Unsecured Creditors $22,387 Total Payments $51,855 BALANCE HELD $Nil Note: the above figures are GST exclusive