Pihama and Bowker visited the business on the date of their appointment, where they learned the employees had not been made aware of the liquidation.
The pair considered the option of continuing to trade the business.
However, because of insufficient funds in the company’s bank account and unresolved issues with its alcohol trading licence, they were unable to continue operating the business.
Since the business was placed into liquidation, Pihama and Bowker have received offers from interested parties to acquire the cafe as a going concern.
The pair are currently reviewing the terms and conditions of these offers before making a decision, but have communicated their intention to sell the cafe as a going concern to trade creditors.
“Some have agreed to keep their equipment on-site, with a view to arranging a new lease agreement with the new owners; others have elected to repossess their assets,” the pair said.
Creditors owed
Looking at the company’s state of affairs, JCK Holdings has combined assets with a book value of $15,935, made up of cash at bank, accounts receivable and withholding tax paid.
The company does have fixed assets and goodwill listed as assets, but the estimated values are withheld because of the ongoing sale process.
As for liabilities, the company has three registered secured creditors, including BOC, Fountain Equipment and Fresh Ice Machine Rentals 2016.
Secured creditors are waiting for the business sale before negotiating a new lease with the new owners and filing their claims, according to the liquidators.
The company has three listed preferential creditors, Inland Revenue, Sai Kumar and Cedric Rerehau.
Preferential claims have a book value of $179,890, and a revised estimated value of $365,163.
As for unsecured creditors, three are listed, including Inland Revenue, Black Sands Brewing Company and Verona Building.
Unsecured claims have a book value of $714,024, with a revised estimated value of $564,374.
Altogether, JSK Holdings has total liabilities with a book value of $893,914 and net assets of -$731,201.
Pihama and Bowker said it was not possible to provide an estimated date for the completion of the liquidation, nor amounts likely to be available for payment to each class of creditor.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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