Anand hoped to refinance the company to shore up its position, with a view to increasing sales leading into the Christmas period.
However, Anand and the company could not secure financing, and elected to appoint liquidators as a result.
Following their appointment, Patel and Reynolds have requested the company’s records from Anand, and are sourcing records from external sources including the company’s bankers, creditors, accountants and advisers.
Patel and Reynolds have also secured the retail sites and are centralising the inventory so they can conduct a sale.
According to the liquidators’ statement of affairs, DNA Global had five secured creditors and 43 preferential and unsecured creditors, including Mainfreight, New Zealand Customs and the Accident Compensation Corporation (ACC).
BNZ Bank has a registered security interest over all present and after-acquired property, although the amount owing is still to be determined.
Crown Equipment and BMW Financial Services have registered security interests over goods (motor vehicles), with the amounts owed unknown.
Stellar Machinery has a registered security interest over goods (other), also of an unknown amount.
Bizcap NZ has a registered security interest over all present and after-acquired property, with a debt owing of $756,000.
Assets available for unsecured preferential creditors include $45,000 in retained funds and $452,000 in stock held in the retail shops and warehouse.
The latter figure includes claims from customers who have paid for goods purchased.
An unknown amount of inventory is also listed; however, the stock is yet to clear customs or is still in transit to New Zealand.
As for amounts owed to preferential creditors, $142,000 is owed in employee claims.
An undetermined amount is owed to the IRD for outstanding GST, PAYE and other fees, alongside Customs duties and certain customer claims.
The majority of funds owing related to unsecured creditors, with $362,000 owed under various lease obligations.
Patel and Reynolds have flagged that the amounts owed under the leases were likely to “increase significantly”.
Manufacturers in China are owed US$323,000, equivalent to about $576,000 in New Zealand dollars. NZ-based suppliers and other creditors are owed $700,000,
Overall, DNA Global owes creditors of all classes a preliminary total of $2.5 million.
Patel and Reynolds said the dividend payout and estimated completion date remained unknown.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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