Last November, Arvida was sold to private equity firm Stonepeak.
“As a result, they reviewed and cut costs, including the group of companies’ nationwide contract, meaning with the current structure of the business, it was not economic to continue,” Hunt of Insolvency Matters wrote in the initial liquidation report.
That was posted to the Companies Office on December 10.
Directors and shareholders Bradley Fraser and Paul Lawrence of Christchurch closed operations and started selling motor vehicles and plant and equipment.
But the sale of various assets was not going to be enough to pay all creditors, Hunt said.
So Fraser and Lawrence sought professional advice and decided to put the company into voluntary liquidation.
Arvida is understood to be continuing with its national relocation services.
But its LinkedIn profile now shows it uses another firm, Moving On.
“We’ve received fantastic feedback about Moving On, our trusted relocation partner. Recently, the Moving On team helped Fay and Lindsay Todd settle into their beautiful new villa at Parklane Auckland,” Arvida announced this week.
Hunt wrote that Senior Move started trading in 2016.
It was founded as a dedicated service for the retirement village industry.
“At the peak, the company had 95 staff nationally with eight locations from Kerikeri to Christchurch. The growth of the companies was tied to the Retirement Village sector and the ongoing development of retirement units.”
Asked to comment on the liquidation, Arvida chief executive Jeremy Nicoll declined.
Jeremy Nicoll, chief executive of Arvida, which changed moving contractors to cut costs after ownership changed.
Hunt’s reports showed thousands owed to Inland Revenue.
For example, Senior Move Managers Auckland has an estimated shortfall to all creditors of $50,000. That includes $20,000 owed to IRD.
The Christchurch operation owes creditors $40,000 of which $20,000 is to IRD.
Two months ago, Senior Move said it was with a heavy heart that it announced closure.
“Over the years, it has been our honour to support seniors and their families through important life transitions.
“We have had the privilege of working with some truly amazing clients who welcomed us into their homes during what can often be a busy and sometimes difficult time in their lives,” it said.
The trust to make moving as smooth and supportive as possible was humbling and inspiring, it said.
The company also thanked staff.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
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