Staples Rodway Ltd Level 9, 45 Queen Street, 1010 PO Box 3899, Auckland 1140 New Zealand T +64 9 309 0463 F +64 9 309 4544 E enquiries@staplesrodway.com W staplesrodway.co.nz WAIWERA THERMAL RESORT LIMITED (IN LIQUIDATION) LIQUIDATORS’ FIRST REPORT TO CREDITORS AND SHAREHOLDERS Pursuant to Section 255(2)(c) of the Companies Act 1993 1. INTRODUCTION Waiwera Thermal Resort Limited (In Liquidation) (''the Company'') was placed into liquidation on 15 February 2019 by order of the High Court at Auckland pursuant to section 241(2)(c) of the Companies Act 1993 (“the Act”). Tony Leonard Maginness and Jared Waiata Booth (“the Liquidators”), CAANZ Accredited Insolvency Practitioners (NZ), were appointed joint and several liquidators of the Company. The Liquidators hereby report to creditors and shareholders of the Company in accordance with section 255(2)(c) of the Act. 2. RESTRICTIONS Whilst all care and attention has been taken in compiling this report, the Liquidators, Staples Rodway Limited (“Staples Rodway”), its employees and agents do not assume any responsibility or liability for any losses occasioned to any party for any reason including as a result of the circulation, publication, reproduction or use of this report. The Liquidators reserve the right (but will be under no obligation) to review this report and, if considered necessary, to revise the report in light of any information existing at the date of this report which becomes known to them after that date. 3. ATTACHMENTS The following documents are included in this Report: Appendix Appendix Appendix Appendix Appendix Appendix Appendix 4. A: B: C: D: E: F: G: Statement of Affairs of the Company; Schedule of Creditors; Notice to Creditors to Prove Debts or Claims; Notice of Decision to Dispense with Meeting of Creditors; Declaration of Independence, Relevant Relations and Indemnities; Remuneration Report; Creditor’s Claim Form. BACKGROUND Date of Incorporation: Company Number: Business: Trading Address: Directors: 3384989-1 12 March 2010 2435781 Thermal Pool Resort Waiwera Road, Waiwera Leon Fingerhut Mikhail Khimich Share Capital: Shareholders: 10,000 shares Ordover Trust The Company leased premises at Waiwera Road, Waiwera, from which it operated a thermal resort and hot pools business. According to information currently available to the Liquidators, the Company closed its business in February 2018 in order to undertake renovations. These renovations ceased at an incomplete stage in or about September 2018 due to insufficient funds, and the Company’s landlord re-entered the leased premises and cancelled the lease in October 2018 due to non-payment of rent. The Company was placed into liquidation on 15 February 2019 by order of the High Court. 5. STATEMENT OF FINANCIAL POSITION The Liquidators include a Statement of Financial Position for the Company as at the date of their appointment at Appendix A. The information contained in the Statement of Financial Position is based upon information provided by the officers of the Company, available Company records and the Personal Properties Securities Register (“PPSR”). The Liquidators have not verified nor audited the information supplied, and it is possible that subsequent investigation could result in a revision of the information thus presented. 6. ASSETS AND PROPOSALS FOR CONDUCTING THE LIQUIDATION 6.1. Actions Taken To Date The Liquidators have:       6.2. Entered into correspondence with Leon Fingerhut, a director of the Company. Attended the premises of the Company at Waiwera Road subsequent to their appointment and carried out an inspection of available assets on site. The premises are currently under the control of the landlord. Obtained advice from an independent registered valuer on available assets. Commenced steps to realise available assets. Taken steps to secure the books and records of the Company and have commenced their review of the same. Entered into correspondence with creditors listed on the PPSR in relation to their entitlements. Proposals for Conducting the Liquidation The Liquidators will realise all available assets, and will conduct an investigation into the Company’s books, records and affairs to:    Confirm that all assets have been properly accounted for and secured; Determine whether there are any other avenues of recovery; Determine whether the Company’s officers have complied with their duties and taken appropriate steps where necessary. If you are aware of any party who may be interested in purchasing any of the assets, or if you have any information that may be relevant to the Liquidators’ investigations, please contact the Liquidators urgently. 3384989-1 2 7. LIABILITIES AND CREDITORS CLAIMS A schedule of all known creditors and their addresses is included at Appendix B as required by Section 255(2)(c) of the Act. A notice to creditors to prove debts or claims is included at Appendix C. Also included is a creditor claim form for completion and return to this office by 19 April 2019. Creditors who have not made a claim by the date on the notice may be excluded from any distribution made. If you believe that you are a secured creditor please contact us and the appropriate form will be sent to you. As at the date of this Liquidation 13 parties had registered security interests against the Company on the PPSR. Security interests registered include:  General security agreements held by Kiwibank Limited (first ranking) and Waiwera Group Limited (second ranking).  Purchase money security interests held by Brown Brothers Engineers Limited, Canon Finance New Zealand Limited, Flexirent Capital (New Zealand Limited), Gooder Equipment Co Limited, HRB Jacobi Limited and Mercedes-Benz Financial Services New Zealand Limited in relation to specified fixed assets or goods and proceeds. Should any creditor believe that they are entitled to the return of any item(s), or to the proceeds from the realisation of such item(s), due to holding a Purchase Money Security Interest or a Reservation of Title clause, they should contact the Liquidators immediately. 8. CREDITORS’ MEETING / LIQUIDATION COMMITTEE A notice of the Liquidators’ decision to dispense with a meeting of creditors is included at Appendix D. This decision has been made having regard to the assets and liabilities of the Company and the likely outcome of the liquidation. However, the Liquidators do not wish to preclude creditors from expressing any views which they may have and accordingly invite calls from any interested parties which may constructively assist with their administering the liquidation process. Pursuant to sections 258 and 314 of the Act, creditors may at any time in the course of the liquidation, call a meeting of creditors including for the purpose of appointing a liquidation committee. 9. ESTIMATED DATE OF COMPLETION It is currently too early to estimate a date of completion for this liquidation. 10. FURTHER INFORMATION AND CONTACT DETAILS Pursuant to sections 255(2)(d) and 257(1)(a) of the Act, the Liquidators will issue a report to creditors and shareholders on the conduct of the liquidation and on future proposals on a six monthly basis, and upon the completion of the liquidation. If any creditor or shareholder wishes to receive these reports by email as and when they are published, please ensure that an email address is 3384989-1 3 provided on the creditor claim form. These reports will also be available on the Companies Office website (www.companies.govt.nz). Enquiries and information that would assist the Liquidators should be directed to: Name: Email: Phone: Address (Post): Daniel Zhang daniel.zhang@staplesrodway.co.nz +64 9 968 9149 C/- Staples Rodway, PO Box 3899, Auckland 1140 Dated: 18 March 2019 .............................................. T L MAGINNESS LIQUIDATOR ............................................. J W BOOTH LIQUIDATOR 3384989-1 4 APPENDIX A WAIWERA THERMAL RESORT LIMITED (IN LIQUIDATION) Particulars of the Assets and of the Debts and Liabilities as at the Date of Appointment of Liquidators being 15 February 2019 Estimated to Realise ASSETS Accounts’ Receivable Fixed Assets (see Notes 3) unknown unknown unknown LESS GENERAL SECURITY AGREEMENT HOLDERS Kiwibank Limited (first ranking) (see Note 4) Waiwera Group Limited (second ranking) (see Note 4) LESS PREFERENTIAL CREDITORS Applicant Creditor and Supporting Creditors: Court Awarded Costs (see Note 5) Employees (see Note 6) Inland Revenue (estimated) LESS UNSECURED CREDITORS Unsecured Creditors (see Note 7) 1,261,026 2,121,178 $3,382,204 22,393 unknown 584,841 $607,235 1,107,692 $1,107,692 Estimated Deficiency to Creditors unknown Notes: 1. The above amounts are in NZ$. 2. The above estimates are subject to the costs of the liquidation. 3. Certain fixed assets may be subject to purchase money security interest (“PMSI”) and retention of title claims. 4. The General Security Agreement holders’ claims will continue to accrue interest until fully paid. 5. This relates to costs awarded by the High Court to the applicant creditor and supporting creditors in relation to their application to have the Company placed into liquidation. 6. The Liquidators have been informed that there are employee claims against the Company. The total value of these is currently known. 7. This excludes the contingent claim from the Company’s landlord. Disclaimer of Liability: The information contained in the Particulars of Assets and Liabilities has been supplied by the Company, its director, and creditors. We have not verified the information supplied. The particulars of Assets and Liabilities has been prepared for the purpose of the liquidation and we do not accept any responsibility on any grounds whatsoever, including liability in negligence, to any party. 3384989-1 5 APPENDIX B SCHEDULE OF CREDITORS Pursuant to Section 255(2)(c)(i) of the Companies Act 1993 Name A & S Engineering Ltd ACC ACR Systems Ltd ASB Bank Limited Asmuss Plastics Systems Limited AssetCare Ltd Auckland Council Auckland Chamber of Commerce & Industry Inc Australian Waterslides and Leisure Pty Limited Axis Consultant Ltd Ben Mayne Plumbing Bettabuilt NI Limited Bidfood Limited BOC Limited Brown Brothers Engineers Ltd Burkert Fluid Control Systems Cadibarra Limited Canon New Zealand Coca-Cola Amatil (NZ) Limited Cogent Limited Contact Energy Limited Cube-S Scaffolding Services Ltd Davey Water Products Deloitte Dobbie Engineers Limited Eagar for Leisure Ltd - Spank/Voodoo Eftpos Systems Ltd Filtration Technology Ltd (Filtec Ltd) Fire Protection Services Limited Fisher Painting Services Limited 3384989-1 Address 4 Tait Place P O Box 242 PO Box 99-563 P O Box 35 PO Box 100244 PO Box 24-343 Private Bag 92300 PO Box 47 P O Box 2220 PO Box 34-658 PO Box 204 PO Box 305-047 P O Box 62075 988 Great South Road 16 Sir James Wattie Drive 44 Rennie Drive 117 Mellons Bay Road PO Box 33-336 Private Bag 14916 PO Box 911339 Harbour City Tower PO Box 86 PO Box 14-641 Private Bag 115033 PO Box 1055 PO Box 57139 P O Box 101956 PO Box 132-329 PO Box 302-112 65b Portage Road Address Albany 0632 Wellington 6011 Newmarket Shortland Street North Shore City 0745 Royal Oak Auckland 1142 Auckland 1140 Coffs Harbour NSW Birkenhead Waiwera Triton Plaza Sylvia Park Penrose Hornby Airport Oaks Auckland 2014 Takapuna 0740 Penmure Victoria Street West 29 Brandon Street Albany Village 0755 Auckland 1741 Auckland 1140 Rotorua Mana North Shore Mail Centre Sylvia Park North Harbour Otahuhu Address Auckland Auckland Auckland 1345 Australia 2450 Auckland 1142 Auckland 0950 Auckland 0757 Auckland 1644 Auckland 1061 Christchurch 8441 Auckland 2022 Auckland 1142 Wellington 6011 Porirua Auckland Auckland 1644 Auckland 0751 Auckland 1062 Flexirent Capital (New Zealand) Limited Focus Digital Security Solutions Limited Focus On Packaging Limited Fraser Thomas Limited Fuel Design Ltd Genesis LPG Geoffrey Clews Barrister Gooder Equipment Hirepool Auckland Limited Hudson, Gavin, Martin I.T.Sales and Services Ltd Inland Revenue Department Insite Security & Investigation Limited Integrated Matting Systems Ipacific Construction Limited Ipacific Building Limited IXOM Operations Pty Limited Jane Anderson QC Kitomba by Magic Pulse Ltd Kiwibank Limitd Knight Frank (KFNZ Limited) Lowndes Jordan Barristers & Solicitors Lunch Bites Limited Mackys Real Estate Matrix Security Group Limited Metropolitan Security 2014 MG Financial Services Ltd Movielink T/A Sky Network Television Ltd MR Buildings Ltd Northern Refrigeration Ltd Northland Waste Limited NZ Crane Hire NZ Safety Ltd NZ Stirrers Limited Ora HQ Limited Orewa Lawn Care Limited Pacific Building Limited 3384989-1 111 Carlton Gore Road Unit 5, 25 Airborne Road Newmarket Albany Auckland 1023 Auckland 0751 PO Box 204006 PO Box 377 PO Box 4147 PO Box 1993 PO Box 31-319 PO Box 12048 PO Box 105900 1 William Pickering Drive PO Box 39010 PO Box 50-145 PO Box 251264 32 Victoria Road 2/460 Hillsborough Road PO Box 900 P O Box 4338 PO Box 9300 Private Bag 39888 2, 128 Customs St West PO Box 5966 PO Box 914 c/o Bayleys in the North PO Box 62669 PO Box 34-618 8 Kelgary Place PO Box 9059 160 Church Street 29 Seamount Drive P O Box 11116 PO Box 13-122 Private Bag 92100 P O Box 15182 Level 2, Altrans Building PO Box 34258 P O Box 302202 Highbrook Orewa Mt Maunganui 3149 Shortland Street Lower Hutt Penrose Auckland 1143 Albany Wellington Mail Centre Porirua 5240 Pakuranga Papatoetoe Mt Roskill Auckland 1140 Shortland Street Wellington Wellington 5045 Viaduct Auckland 1141 Whangaparaoa 14 Florence Ave Greenlane Birkenhead Wellsford Newmarket Onehunga 1061 Red Beach Whangarei 0148 Onehunga Auckland 1 New Lynn 104 Quay Street Birkenhead North Harbour Auckland 2161 Auckland 0946 7 Auckland 1140 Wellington 5040 Auckland 1061 Auckland Lower Hutt 5045 Auckland 2140 Auckland 2025 Auckland 1041 Auckland 1140 Auckland Auckland 0932 Orewa, Auckland Auckland 1546 Auckland Auckland 932 Auckland 1643 Auckland 0600 Auckland 1010 North Shore 0746 Auckland Paymark New Zealand Pete's Packaging Ltd Professional Salon Supplies Limited Propest Limited Pure Fiji New Zealand Rentokil Initial Ltd (Previously Fumacare) Retail Holdings Ltd / Urban Partners Ltd Sentinel Planning Limited Sky TV Studio Gascoigne Limited The Internet Agency Limited (Unleashing Potential Ltd) The Plant People Limited (The Plant People 2006 Ltd) Tompkins Wake Vista Business Services Ltd Visual Craft Ltd Vodafone Waiwera Group Limited Waiwera Properties Limited Waiwera Water New Zealand Limited Watercare Services Ltd 3384989-1 P O Box 799 PO Box 21589 Unit 1/45 William Pickering Dr PO Box 31652 197 Mount Albert Road Private Bag 92 905 PO Box 99-887 PO Box 33-995 Private Bag 92107 PO Box 46103 PO Box 101211 PO Box 62-137 P O Box 2543 PO Box 51 863 PO Box 301461 Auckland P O Box 7311 C/- Urban Partners Auckland 1140 Henderson Albany Milford Sandringham Onehunga 1643 Newmarket Takapuna 0740 Victoria St West Herne Bay North Shore Mail Centre Sylvia Park Auckland 1010 Pakuranga Albany Shortland Street Auckland 1141 Private Bag 92521 Wellesley Street Auckland 1141 8 Auckland Auckland 0741 Auckland 1025 Auckland 1149 Auckland Auckland Auckland Auckland 1142 1147 0745 1644 Auckland 2140 Auckland 0752 APPENDIX C IN THE MATTER of The Companies Act 1993 and IN THE MATTER of Waiwera Thermal Resort Limited (In Liquidation) (“the Company”) NOTICE TO CREDITORS TO PROVE DEBTS OR CLAIMS Notice is hereby given that the undersigned, the Liquidators of the Company, do hereby fix 19 April 2019, as the day on or before which the Company’s creditors are to make their claims, and to establish any priority their claims may have under Section 312 of the Companies Act 1993. Creditors not having made a claim by this date may be excluded from any distribution made. Dated: 18 March 2019 .............................................. T L MAGINNESS LIQUIDATOR 3384989-1 ............................................. J W BOOTH LIQUIDATOR APPENDIX D IN THE MATTER of The Companies Act 1993 and IN THE MATTER of Waiwera Thermal Resort Limited (In Liquidation) (“the Company”) NOTICE OF LIQUIDATORS’ DECISION TO DISPENSE WITH MEETING OF CREDITORS After having regard to the assets and liabilities of the Company and the likely result of its liquidation, it is proposed to dispense with a meeting of creditors pursuant to Section 245 of the Companies Act 1993. The Liquidators do not however wish to preclude creditors from expressing their views. Please contact Daniel Zhang of this office on telephone +64 9 968 9149 or by email at daniel.zhang@staplesrodway.co.nz if you have any specific enquiries. You are advised that should you desire a creditor’s meeting, notice in writing is required within ten (10) working days of receiving this notice. At the time of giving notice you must also state the reason you require a meeting so that an agenda can be prepared and advertised and creditors can be given the opportunity to vote on any issue by voting letter. Dated: 18 March 2019 .............................................. T L MAGINNESS LIQUIDATOR 3384989-1 ............................................. J W BOOTH LIQUIDATOR 10 APPENDIX E DECLARATION OF INDEPENDENCE, RELEVANT RELATIONSHIPS AND INDEMNITIES (“DIRRI”) Waiwera Thermal Resort Limited (In Liquidation) (“the Company”) BACKGROUND CAANZ Accredited Insolvency Practitioners (NZ) appointed to an insolvent entity are required to make declarations as to: 1. Their independence generally; 2. Relationships, including: a. b. c. d. 3. the circumstances of the appointment; any relationships with the company and others within the previous 24 months; any prior professional services for the company within the previous 24 months; that there are no other relationships to declare; and Any indemnities given, or upfront payments made, to the Practitioner. This declaration is made in respect of myself, my partners and the firm Staples Rodway. 1. INDEPENDENCE We, Tony Leonard Maginness and Jared Waiata Booth of the firm Staples Rodway have undertaken a proper assessment of the risks to our independence prior to accepting the appointment as liquidators of the Company in accordance with the law and applicable professional standards. This assessment identified no real or potential risks to our independence. We are not aware of any reasons that would prevent us from accepting this appointment. 2. DECLARATION OF RELATIONSHIPS Circumstance of appointment We were appointed as Liquidators of the Company by order of the High Court at Auckland upon the application of Bidfood Limited. We provided a signed Consent to Act as Liquidators on 17 January 2019 upon request. Relevant Relationships (excluding Professional Services to the Company) There are no known relevant relationships, including personal, business and professional, from the previous 24 months with the Company, an associate of the Company, a former insolvency practitioner appointed to the Company or any person or entity which is entitled to enforce a security interest in the whole, or substantially the whole, of the Company’s property that should be disclosed other than that detailed below. 3384989-1 11 A member of our firm provides audit services to the shareholders of Waiwera Properties Limited, the Company’s landlord. We believe that this does not result in a conflict of interest or duty because:         Staples Rodway follows the normal and acceptable business practice of establishing a network of relationships and referrals based on quality of professional service and expertise. Each professional engagement undertaken in relation to a particular entity or group of entities is conducted on an entirely separate basis which has no bearing on this appointment. These engagements are only commenced after full regard is given to potential conflicts of interest in relation to all interested stakeholders. The Liquidators have not been, and are not involved, in the provision of the audit services. Any professional relationship with the landlord’s shareholders will not influence our ability to comply with the statutory obligations associated with this appointment. We are not precluded from acting as Liquidators of the Company under the Companies Act 1993. The landlord has not objected to the Liquidators dealing with available assets at the premises. This relationship has previously been disclosed to Kiwibank Limited, who hold a first ranking General Security Agreement which grants a security interest over assets at the premises, and who have subsequently consented to the Liquidators dealing with the assets subject to their security interest. Prior professional services to the Company Neither we, nor our firm, has provided any professional services to the Company in the previous 24 months. No other relevant relationships to disclose There are no other known relevant relationships, including personal, business and professional, from the previous 24 months with the Company, an associate of the Company, a former insolvency practitioner appointed to the Company or any person or entity which is entitled to enforce a security interest in the whole, or substantially the whole, of the Company’s property that should be disclosed. 3. INDEMNITIES AND UPFRONT PAYMENTS We have not been indemnified in relation to this liquidation and we have not received any upfront payments in respect of our remuneration or disbursements. This does not include statutory indemnities. Dated: 18 March 2019 .............................................. T L MAGINNESS LIQUIDATOR 3384989-1 ............................................. J W BOOTH LIQUIDATOR 12 Notes: 1. If circumstances change, or new information is identified, we are required under the Code of Conduct for Accredited Insolvency Practitioners (CAANZ / RITANZ) to update this Declaration and provide a copy to creditors with our next communication as well as table a copy of any replacement declaration at the next meeting of the insolvent’s creditors. 2. Any relationships, indemnities or upfront payments disclosed in the DIRRI must not be such that the Insolvency Practitioner is no longer independent. The purpose of components B and C of the DIRRI is to disclose relationships that, while they do not result in the Insolvency Practitioner having a conflict of interest or duty, ensure that creditors are aware of those relationships and understand why the Insolvency Practitioner nevertheless remains independent. 3. The presentation of the above information is in accordance with the format suggested with the Code of Conduct for Accredited Insolvency Practitioners (CAANZ / RITANZ). 3384989-1 13 APPENDIX F REMUNERATION REPORT Waiwera Thermal Resort Limited (In Liquidation) (“the Company”) Qualifications Tony Maginness, a Director at Staples Rodway, is a CAANZ Accredited Insolvency Practitioner (NZ), with over 10 years of experience in insolvency assignments. Jared Booth, an Associate Director at Staples Rodway, is a CAANZ Accredited Insolvency Practitioner (NZ) and Chartered Accountant, with over 15 years of local and international experience in insolvency assignments and special purpose investigation assignments. Both Liquidators have worked across a wide range of entity types and industries and have specialist experience in the administration of liquidations in industries relating to the Company’s business and activities. Staples Rodway provides business advisory services nationwide from 10 locations in New Zealand and with over 460 staff. Services include accounting, audit and assurance, business advice, business recovery and insolvency, business valuations, corporate finance, expert evidence, financial modelling, governance, human resources, information technology and taxation. Staples Rodway also provides international and cross border services through our membership of Baker Tilly International. Remuneration Under the Companies Act 1993 and the Code of Conduct for Accredited Insolvency Practitioners (CAANZ / RITANZ), a liquidator is entitled to claim reasonable remuneration, disbursements and costs in respect of necessary work, properly performed in the administration of the liquidation. The work performed in the administration of a liquidation is determined by:      The statutory duties and regulations imposed on a liquidator; The level of investigations carried out by the liquidator; The type and complexity of assets in the liquidation and their method of realisation; The type and complexity of legal action to be undertaken by the liquidator; The complexity of creditor claims and distributions in the liquidation. There are 4 primary options available by which a liquidator’s remuneration can be calculated, which are: 1. Time Based Charging: This is where a liquidator’s remuneration is based on the nominated hourly rate charged by each person who carried out the work, multiplied by the number of hours (or portion thereof) spent by each person on the work performed. 2. Fixed Fee Charging: This is where a liquidator completes a liquidation for a fixed level of remuneration, which is normally quoted and set at the commencement of the liquidation. 3. Percentage Charging: This is where a liquidator’s remuneration is based upon a nominated percentage of each nominated category of potential asset realisation, 3384989-1 14 provided that there are sufficient funds available to meet higher-ranking priority debts. 4. Contingency Arrangement Charging: This is where a liquidator’s remuneration is contingent on a previously agreed outcome being achieved. Having regard to the nature of work involved in this liquidation, the remuneration charged by the Liquidators will be based on the time based charging method. This has been chosen for the following reasons:  Payment will only be made for work done, subject to sufficient realisations of the Company’s assets.  Time will only be charged for work that is performed. It will be recorded and charged in 6 minute increments and allocated to and performed by staff according to their relevant experience and qualifications.  When distributing funds to a creditor, a liquidator is required to take into account a creditor’s priority to each asset realised (for example, stock) under the Companies Act 1993, the Personal Property Securities Act 1993 and other relevant legislation, as well the liquidator’s remuneration, disbursements and costs in realising that asset.  A number of tasks that are required to be performed, such as the issue of the liquidators’ first report, do not relate directly to the realisation of assets.  It is not possible to estimate with certainty the total amount of time, and therefore the total fee that will be charged, that is necessary to complete all tasks required in the liquidation. The standard hourly rates charged by the Liquidators for their remuneration are as follows (excluding GST): Liquidators/Directors: Insolvency Staff: Administration: $410 to $470 per hour $180 to $280 per hour $130 to $180 per hour Disbursements Disbursements incurred in a liquidation may be categorised as follows:  External non-professional costs: These relate to costs incurred by a liquidator when carrying out their work and are recovered at cost. Examples of this type of disbursement include advertising and travel expenses.  Internal disbursements: This includes expenses such as telephone calls, photocopying and printing, and are generally recovered at cost. The charging of these costs is based upon a rate which recoups both fixed and variable costs. The recovery of these costs is made on a fair and reasonable commercial basis. The other costs of a liquidation will dependent upon the nature of the liquidation and the assets being realised, and may include, for example, legal fees, real estate agents commission, and auctioneer fees. These are recovered at cost in the liquidation. 3384989-1 15 Further Reporting on Remuneration, Disbursements and Costs The Liquidators will disclose further detailed information to creditors and shareholders on remuneration, disbursements and costs charged for the administration of the liquidation on a six monthly basis and at the end of the liquidation pursuant to the Code of Conduct for Accredited Insolvency Practitioners and sections 255 and 257 of the Companies Act 1993. 3384989-1 16 Appexndix G Staples Rodway Ltd Level 9, 45 Queen Street, 1010 PO Box 3899, Auckland 1140 New Zealand T +64 9 309 0463 F +64 9 309 4544 E enquiries@staplesrodway.com W staplesrodway.co.nz CREDITOR’S CLAIM: Section 304(1) Companies Act 1993 * NAME AND POSTAL ADDRESS OF CREDITOR IN FULL Any personal information collected is for the purpose of administering the liquidation in accordance with the Companies Act 1993. This information will be used and retained by the Liquidators and will be released to other parties only with your authorisation or in compliance with the Privacy Act 1993. Under Section 304(1) of the Companies Act 1993 any claim by an unsecured creditor against a company in liquidation must be in this prescribed form and must Telephone Number: ( Email: My Reference is: (if applicable) (a) Contain full particulars of the claim; and (b) Identify any documents that evidence or substantiate the claim. ) You may have access to and request correction of any personal information. (*Not applicable, if creditor is not an individual within the meaning of the Privacy Act 1993.) NAME OF COMPANY IN LIQUIDATION: _______________________________________________________________________________________________________________(In Liquidation) I ___________________________________________________________________________________________________________________________ (if claim is made on behalf of creditor, specify relationship to creditor and authority) claim that the company was at the date it was put into liquidation indebted to the abovenamed creditor for the sum of (Amount in words and figures): ____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________ STATUS OF CLAIM: 1. I am an unsecured creditor for NZ$ 2. I am a preferential creditor for (Seventh Schedule of the Companies Act 1993) NZ$ 3. My total claim is for (state currency if other than NZ$) NZ$ 4. I am a secured creditor and hold security for the amount claimed Other Currency Tick if Applicable Full particulars of the claim are set out, and any supporting documents that substantiate the claim, are identified on the reverse of this form. The liquidator may require the production of a document under Section 304(2) of the Companies Act 1993. SIGNED: WARNING - Received (Date Stamp) Date: / / It is an offence under Section 304(6) of the Companies Act to – Make or authorise the making of, a claim that is false or misleading in a material particular knowing it to be false or misleading; or Omit, or authorise the omission from a claim of any matter knowing that the omission makes the claim false or misleading in a material particular. RESERVED FOR OFFICE USE: Claim admitted/rejected for voting purposes: (Delete one) Signed: Date: CLAIM REJECTED FOR PAYMENT: Signed: Date: / / or CLAIM ADMITTED FOR PAYMENT: Preferential Claim for: Ordinary Claim for: Deferred Claim for: $ $ $ Signed Liquidator: Dated: / / PARTICULARS OF CLAIM Where the claim includes goods supplied by the creditor to the company under a Retention of the Title clause, please give full details including a description of the goods and their value. If the creditor owes money to the company, please give full details. Date Details of Claim and Identification of Documents that Evidence or Substantiate the Claim Amount $ PREFERENTIAL CLAIMANTS The Seventh Schedule of the Companies Act 1993 sets out those claims which are recorded as preferential and shows their extent and order of priority. If applicable please record here your GST Registration number: _______________________________________ And total GST included in your claim: $ ______________________________________