Liquidators Christopher McCullagh and Stephen Lawrence of PKF Corporate Recovery & Insolvency confirmed last year that SPQR owed $2.3m to creditors.
McCullagh and Lawrence identified two overdrawn shareholder current accounts with a total value of $1,383,176. Both were in the name of former owner and director, Chris Rupe, with one under a family trust of which Rupe was the sole director and shareholder.
Rupe submitted a statement of his financial position to confirm he did not have the means to repay the debt and was subsequently declared bankrupt. The liquidators filed a claim in Rupe’s bankruptcy.
The report also noted Rupe undertook a sale and transfer of the “SPQR” trademark to a related party prior to liquidation.
McCullagh and Lawrence established that while the sale had not been completed, the trademark was transferred to the related party.
The liquidators later organised the transfer of the trademark back to the company and were making inquiries to sell the trademark.
The sun set on Ponsonby Rd restaurant institution SPQR as liquidators were appointed to the business back in July last year. Photo / Alex Burton
Assets sold but debt remaining
Since being appointed as liquidators in July 2024, McCullagh and Lawrence sold the company’s fixed assets comprising kitchen equipment and dining furniture for a total of $26,304.35 plus GST.
The largest creditor was Inland Revenue, which was owed $1,066,868.46 concerning employer activities and GST arrears.
The IRD had served a statutory demand on SPQR for tax arrears, but it was unable to pay the debt or negotiate a repayment arrangement, forcing the business into liquidation.
ANZ Bank has a first-ranking general securities agreement (GSA) over the company’s assets. It was owed $263,556.82 in relation to overdraft facilities, credit card and merchant fees.
Liquidators made two distributions to the total of $9854.92 from the proceeds from the sale of the items to which ANZ’s security was attached.
Prospa held a second-ranking GSA over the company’s assets and submitted a claim for $93,460.54 concerning a loan.
There were a further eight claims from other secured creditors totalling $100,210.03 from parties that held security interests in specific goods supplied to the company, although the liquidators said it is unlikely any further funds would be available for distribution.
The liquidators received 24 claims from the restaurant’s employees totalling $132,727.47 for outstanding wages and holiday pay, although the liquidators said last year it was unknown whether any funds would be available for distribution.
There were a further 35 claims from unsecured creditors totalling $664,310.77, which were also unlikely to see any funds distributed to them.
Hospitality sisters Bronwyn and Jess Payne announced they were taking over the SPQR site in August 2024 under the name Jacuzzi.
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