{"id":243158,"date":"2026-01-20T21:20:09","date_gmt":"2026-01-20T21:20:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/243158\/"},"modified":"2026-01-20T21:20:09","modified_gmt":"2026-01-20T21:20:09","slug":"yoyoso-parent-acecco-in-receivership-with-11-6m-debts-repayments-unlikely","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/243158\/","title":{"rendered":"Yoyoso parent Acecco in receivership with $11.6m debts, repayments unlikely"},"content":{"rendered":"
Acecco Holding is also a 51% shareholder of Beautylife Electronics NZ, which has so far not been affected by the company\u2019s receivership or subsidiary liquidations.<\/p>\n
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<\/p>\n
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.<\/p>\n
However, several of the entities in question are now in liquidation, and therefore any recoveries are unlikely.<\/p>\n
The receivers did identify 12 \u201ctiny homes\u201d owned by Acecco, which were stored in M\u0101ngere and successfully sold at auction with net recoveries amounting to $185,059.<\/p>\n
However, debts for the company are significant, with total liabilities of $11.63m.<\/p>\n
China Construction Bank claims to be owed $2.9m under its GSD.<\/p>\n
Receivers have repaid $160,000 of debt owed, although Keen and Jeffreys believe it is unlikely that the debt will be paid in full.<\/p>\n
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.<\/p>\n
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.<\/p>\n
As for unsecured creditors, total claims have amounted to $8.65m.<\/p>\n
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.<\/p>\n
The receivers said it is unlikely that unsecured creditors will be repaid in part or in full.<\/p>\n
In total, Acecco Holdings has a current deficit of $7.45m.<\/p>\n
Keen and Jeffreys said that Liu has made available some of the information required to complete their work.<\/p>\n
However, despite numerous requests, certain information has not been provided.<\/p>\n
BusinessDesk revealed on Wednesday last week that Liu already faced High Court liquidation orders for other businesses.<\/p>\n
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.<\/p>\n
The two companies are estimated to owe the IRD $1.09m, due to a \u201cfailure to account for taxation,\u201d according to the first liquidators\u2019 reports by the Insolvency and Trustee Service.<\/p>\n
Liu is listed on the Companies Office as the director of several different investment companies. <\/p>\n
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.<\/p>\n
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n