Deloitte is the company liquidator.
Its December report says, “The liquidators undertook a review of the affairs of the company from the available records. One shareholder current account, being a trust, was in an overdrawn position. The shareholders of the company were, however, adjudicated bankrupt on August 5, 2025. It is unknown at this stage whether there will be any distribution from the bankruptcies. Any recovery would not be available to unsecured creditors.”
There was no mention of any funds from the Terry family bankruptcies in the latest receivers’ report, published this week.
Trev Terry traded in new and used boats, boat servicing and repair, and outdoor equipment.
The company failure followed a rapid expansion in 2021 and 2022; at the time of receivership, it operated branches in Taupō, Kinloch, Tūrangi, Napier, Invercargill and Wānaka and employed 67 staff.
The company’s receivers are Neale Jackson and Natalie Burrett of Calibre Partners.
Trev Terry’s Wānaka branch was the only one the receivers managed to sell to a new owner.
According to a fifth receivers’ report, $7.44 million was realised in the sale of the company’s assets, now completed, over half of which was derived from boat sales. However, this is significantly short of the total debt owed to creditors.
Secured creditor BNZ Bank is owed $6m, after a distribution of $300,000; and preferential creditor IRD has filed a claim for $405,000.
The report said that both BNZ and IRD will receive payments in the next reporting period. However, in both cases, there will be a shortfall.
Unsecured creditors are expected to get nothing; an earlier receivers’ report put this total debt at $1.1m.
As of February 22, all company sites were vacated.
Neale Jackson did not immediately respond to the Herald’s questions related to Trev Terry’s total outstanding debt.
Employees have been paid $305,500 in preferential entitlements to date.
Other creditors holding security over company assets (the financiers of boat inventory) have been paid $2.4m during the receivership.
The latest report shows that the receivers’ remuneration has now topped $1m.
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