Acecco Holding is also a 51% shareholder of Beautylife Electronics NZ, which has so far not been affected by the company’s receivership or subsidiary liquidations.
Miniso’s store on Lorne St in Auckland is one of several owned by Acecco Holdings, which was placed into liquidation in December 2025. Photo / Cameron Pitney
Keen and Jeffreys have identified a total of $7.14m in assets for the company, with the largest sum consisting of seven related-party debts amounting to $6.69m.
However, several of the entities in question are now in liquidation, and therefore any recoveries are unlikely.
The receivers did identify 12 “tiny homes” owned by Acecco, which were stored in Māngere and successfully sold at auction with net recoveries amounting to $185,059.
However, debts for the company are significant, with total liabilities of $11.63m.
China Construction Bank claims to be owed $2.9m under its GSD.
Receivers have repaid $160,000 of debt owed, although Keen and Jeffreys believe it is unlikely that the debt will be paid in full.
A creditor named Sensational Taste has a charge registered on the Personal Property Securities Register (PPSR), although receivers have not received a claim from them yet.
There are zero preferential creditors for the company, with records indicating it is actually due refunds from the Inland Revenue Department (IRD) of $30,250.
As for unsecured creditors, total claims have amounted to $8.65m.
Of this figure, $256,716 is owed to third-party creditors, $6.47m is owed to related party creditors, with a further $1.92m owed for unsecured loans to approximately nine entities, some of which may be related.
The receivers said it is unlikely that unsecured creditors will be repaid in part or in full.
In total, Acecco Holdings has a current deficit of $7.45m.
Keen and Jeffreys said that Liu has made available some of the information required to complete their work.
However, despite numerous requests, certain information has not been provided.
BusinessDesk revealed on Wednesday last week that Liu already faced High Court liquidation orders for other businesses.
Two property rental/investment companies directed by Liu, LDW Property Management and LDW Properties group, were placed into liquidation at the High Court on October 9 last year.
The two companies are estimated to owe the IRD $1.09m, due to a “failure to account for taxation,” according to the first liquidators’ reports by the Insolvency and Trustee Service.
Liu is listed on the Companies Office as the director of several different investment companies.
Liu also made headlines after he and Qin Ding were ordered in March 2025 to pay over $25,000 to two tenants who were unlawfully evicted after complaining about living conditions, including sewage leaking into the home.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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