. o? deem Liquidator?s First Report Thermasol Limited (In Liquidation) Appointment We advise that John Michael Gilbert was appointed Liquidator of the above company on the 5th day of November 2019 by resolution of shareholders. After making enquires the liquidator considers that there is no bar under Section 280 of the Companies Act 1993 to his accepting appointment. Restrictions This Report is not intended for general circulation and may not be reproduced in full or in part. It is restricted to members and creditors of the company, including their professional advisers. This Report has been based on information provided to the Liquidation by the company and its of?cers. The Liquidator accepts no responsibility for the completeness or accuracy of the information contained in this Report. We reserve the right (but will be under no obligation) to review this report and if we consider it necessary to revise the report in the light of any information existing at the date of this report which becomes known to us after that date. Background Date of Incorporation: 15 September 2016 Trading Address: 174 Railside Avenue, Henderson Type of Business: Transportable homes Date Business Ceased Trading: 05 November 2019 Shareholders: Sean Kelly, Tracy Kelly Directors: Sean Kelly, Tracy Kelly Share Capital: 100 Shares Date of Liquidation: 05 November 2019 Events Leading to Appointment The company was incorporated to develop the ?thermasol? insulated panel. It then transitioned into manufacture of transportable ?small houses?. The company appears to have been under capitalised. The books indicate that there has been cash?ow pressure for some time. The directors attempted to recapitalise the business by bringing an outside investor. There were several parties who did due diligence, but they were unable to agree terms. After taking advice the shareholders appointed the writer. Statement of Affairs I have prepared a Statement of Affairs being the assets and liabilities of the company at the date of liquidation. The document has been prepared from information supplied to me by the director of the company and I have not at this stage attempted to verify the contents. Proposals for Conducting the Liquidation 6.1 Realisation of Assets The company assets have been secured and I am attempting to ?nd a buyer for the business assets. If this is successful then there a chance that partially completed contracts will be ?nished. There are some partially built cabins. There are also a number of parties claiming ownership to these units. There is also a creditor claiming security over the assets (or at least some of them). I am in negotiations with the lawyers for these parties to achieve the best out come for creditors. In this report I have chosen not to assign speci?c recovery values to the assets of the business because of the commercial sensitivity of the negotiations, I am trying to conclude for the bene?t of creditors. I will recover any other assets that I locate and dispose of them. 6.2 Investigations Subject to the availability of funding the Liquidator will review the company?s books and records, conduct an investigation into the trading affairs of the company and conduct all other investigations that the Liquidator is charged to do. Speci?cally I will investigate the actions of the directors, particularly in continuing to trade the business once insolvency should have been obvious. I will also investigate insolvent transactions and voidable preferences. It is apparent that a number of people paid deposits and or instalments in the last few weeks before I was appointed. The disbursement of these funds will be investigated. I have requested copies of the books and records from the company accountants and the director. I have written to the company?s bankers requesting records. 6.3 List of Creditors In accordance with Section 255 of the Companies Act a full listing of known creditors, together with their contact details is attached. The ?nancial statements indicate that there are several creditors whose names have not been provided to the liquidator. Creditor?s Claim Form Creditors should complete and return the attached Creditor?s claim form by 5 December 2019. Creditors who do not make a claim within the period may be excluded from any distribution that may be made. Retention of Title Claims D"ate Secured Party Registered Collateral Type Crown Equipment 10/04/2017 Goods Motor Vehicles Heartland Bank 14/08/2017 Goods Motor Vehicles All Present and After Acquired Personal Fletchers Steel 12/09/2017 Property: Goods Other BMW Financial Services NZ 12/02/2018 Goods Motor Vehicles BOC 28/02/2018 Goods Other All Present and After Acquired Personal Carters 09/04/2018 Property; Goods Other Steel and Tube All Present and After Acquired Personal Holdings 07/05/2018 Property; Goods - Other Steel Building Products (Northern) All Present and After Acquired Personal 21/05/2018 Property: Goods Other Crown Equipment 20/02/2019 Goods Motor Vehicles AWF 06/08/2019 Goods Other Viper Electrical 05/11/2019 Goods Other Please note, if you believe you have a valid retention of title claim over goods or equipment supplied to Thermasol Limited (In Liquidation), and you have not yet contacted the Liquidator, please contact me immediately. Initial Creditors Meeting As it is likely that any distribution to creditors will be less than 20c in the dollar, pursuant to 5245 of the companies Act 1993 the Liquidator proposes to dispense with the meeting of creditors to consider whether to appoint different Liquidators, and to consider the views of creditors. Accordingly a meeting of creditors will not be called unless a creditor gives notice to the Liquidator within 10 working days after receiving this notice, requiring a meeting to be called. Any creditor who wishes to discuss any issues or believe that they have information that will assist the liquidator in performing his duties should ring the liquidator at 09-376-7506. 10. 11. 12. Liquidation Committee At any time during the liquidation, any creditor may in writing, request the Liquidator to call a meeting of creditors to consider whether a Liquidation Committee should be appointed, and if so, to choose the members of the Committee. A Liquidation Committee has certain powers set out in S315 of the Companies Act 1993, including to assist the Liquidator as appropriate in the conduct of the liquidation. Associated Entities Habita NZ Limited Intermark Services NZ Limited Estimated Date of Completion of Liquidation It is not practicable to estimate the date of completion of the liquidation at this stage. Thermasol Limited (In Liquidation) Schedule of Creditors Name Address IRD PO Box 39050, Wellington 5045 ACC PO Box 795, Wellington 6140 Sean KELLY Tracy KELLY Julie Brown Ministry of Justice, Box 59, Taumarunui Nixon Caf? PO Box 302575, North Harbour Crown Equipment PO Box 51475, Pakuranga, Auckland 2140 Heartland Bank 75 Riccarton Road, Riccarton, Christchurch Fietchers Steel Private Bag 92058, Auckland BMW Financial Services NZ PO Box 9510, Newmarket, Auckland BOC PO Box 11161, Sockburn, Christchurch Carters Private Bag 94027, Manukau City Steel and Tube Holdings PO Box 30543, Lower Hutt, Wellington Steel Building Products (Northern) PO Box 51286, Pakuranga, Auckland AWF Level 6, 51 Shortland Street, Auckland 1010 Viper Electrical 30 Rangimarie Road, Swanson, Auckland 0816 Advance Electrical Services Limited 1099 Great North Road, Point Chevalier Aluminium Worx 12 View Road, Henderson AWF Limited 2 Walls Road, Penrose BOC Private Bag 92234, Vitoria Street West Building Solutions and Construction 290 Birdwood Road,Massey Cabjaks Limited PO Box 259246, Botany Canstaff PO Box 11180, Sockburn, Christchurch Carter?s Trade Services Limited 68 Harris Road, East Tamaki CM Trailer Equipment 15 Ranger Street, Mairehau Easy Products 3214 Great North Road, New Easy Steel Private Bag 92058, Victoria Street West EcoDemo Windows and Doors 27 Stock Street, New Extrastaff Limited 500 Colombo Street, Sydenham, Christchurch Focus Force Limited 138 Railside Avenue, Henderson, Auckland Fresh Water Co PO BOX 13 630, Onehunga Frontier Group NZ Limited 10 Helen Place, St Heliers, Auckland, 1071 Giitrap Motor Group Limited 119 Great North Rd, Grey Lynn, Auckland 1021 Go Live Electrical 440A Don Buck Road, Massey Hardie Fasteners Limited 62 Morrin Road, Mt Wellington Harrison Carpet One 48 Coulter Road, Swanson, Auckland Hiab Transport PO Box 20334, Glen Eden Hire a Maid 218 Lake Road, Northcote Insight Plumbing NZ PO Box 15332,New Matrix Security PO Box 62669, Greenlane Metalcraft Roofing Auckland 24 Trugood Drive, East Tamaki Mitre 10 PO Box 84022, Westgate MSL Manufacturing Suppliers Limited PO Box 15445, New Optimum Plumbing Gas Heating 103 Roberts Road, Te Atatu South PCL Adhesives PO Box 204025, Highbrook Polymer Group 62 Stonedon Drive, East Tamaki Pro Clima Nz Limited 7 Daly Street, Hutt Central, Lower Hutt Resene Paints Limited 30 Paramount Drive, Henderson, Auckland Rockgas 56 Langley Rd, Wiri, Auckland 2104 Roofing Industries (Franklin) 5 John Glenn Avenue, Rosedale, Auckland Smart Express Box 17113 Greenlane Auckland Spax Pacific Pty. PO Box 55104,, Eastridge Specialist Scaffold Products Limited 55b Nigel Road, Browns Bay, Auckland SSP 16 The-Concourse, Henderson Swanson Transport Limited 646 Swanson Road, Swanson Tech 5 Recruitment Limited 104 The Terrace, Wellington Central, Wellington Tom Ryan Cartage PO Box 112180, Penrose Waitemata Hydraulics Engineering Supplies 27 Waipareira Avenue, Henderson Waste Management Mt Wellington, Auckland Wild Turtle Investments Private Box 303334, North Harbour, Auckland Xero (NZ) Limited PO Box 24537, Manners Street, Wellington Xero Chris Vautier Nick Mason Danni Karina Billot Warren Doel John Reid Melissa Holloway Laloma Going Peggy May Smith Graeme Pugh Ryan Hodgson Ruth O'Brien Kieran Faherty Daniel McCullum Serena Milson Jerry Prorowini Levi Aldridge Mailata Taamilo Mohammed Alvi Richard Smith Rodel Malijan Sergio Castro Tony Watts Jakub Malar