She initially asked the Bay of Plenty Times not to publish anything at this early stage of the liquidation, but later responded briefly to emailed questions.<\/p>\n
McIntosh confirmed the restaurant would remain open and that all staff were still employed.<\/p>\n
She said the business was sold based on \u201clegal advice\u201d, and that the company\u2019s only debt was to IRD.<\/p>\n
\u201dAll suppliers were paid in full.\u201d<\/p>\n
McIntosh said the situation resulted from \u201cpoorly managed and inherited debts\u201d.<\/p>\n
She claimed negotiations with IRD failed as the department would not accept the proposed payment plan and refinancing. <\/p>\n
IRD said it could not comment on the affairs of any specific taxpayer, including businesses.<\/p>\n
Adam Botterill and Damien Grant, of Waterstone Insolvency in Auckland, have been appointed as liquidators of Osteria Mt Maunganui Limited.<\/p>\n
The first liquidator\u2019s report, published on March 24, said \u201cpoor trading conditions\u201d meant the company could not meet its historic debt obligations.<\/p>\n
It said the liquidators would investigate the company\u2019s affairs and financial records, and \u201cform a view as to whether any insolvent transactions have occurred or if there have been any breaches of legislation by the company\u2019s officers\u201d.<\/p>\n
Case manager and Waterstone senior analyst Ben Jury told the Bay of Plenty Times the money owed was primarily tax debt.<\/p>\n
He said penalties and interest applied to core debts had accumulated to a point where the company could not realistically trade for much longer.<\/p>\n
Jury said the company\u2019s business and assets were sold on March 12, prior to liquidation that day.<\/p>\n
Osteria has been a fixture of Maunganui Rd, in downtown Mount Maunganui, for years. Photo \/ Andrew Warner<\/p>\n
Jury said the business was sold to a related entity and that entity took on employee entitlements debt of about $50,000 as part of a credit transfer.<\/p>\n
Jury confirmed liquidators would look at the company\u2019s actions in selling its assets prior to liquidation.<\/p>\n
\u201cThe main investigation will be to make sure that the business sale was done correctly and at fair value.\u201d<\/p>\n
The pre-liquidation value of the company\u2019s assets was between $30,000 and $50,000.<\/p>\n
He said insolvent trading was a possibility, based on the size of the tax debt and the minimal asset value.<\/p>\n
The liquidator\u2019s report listed 11 known secured creditors or interests.<\/p>\n
They included Inland Revenue; Coca-Cola Amatil (NZ) Limited; BOC Limited; Hancocks Wine, Spirit and Beer Merchants Limited; Negociants NZ; Foundation Equipment Limited; Heartland Bank Limited; and Independent Liquor (NZ) Limited.<\/p>\n
The report said one preferential creditor claim had been received from IRD totalling $385,205.23.<\/p>\n
IRD had also lodged an unsecured creditor claim of $273,834.72.<\/p>\n
The two IRD claims totalled $659,039.91.<\/p>\n
The report stated it was unknown whether there would be sufficient realisable assets to enable a distribution to any class of creditors.<\/p>\n
The liquidators were still in the process of securing and reviewing the company\u2019s documents.<\/p>\n
A date for the liquidation\u2019s completion could not yet be estimated.<\/p>\n
Two other Osteria locations \u2013 in Matamata and Ohakune \u2013 were linked to the Mount Maunganui company years ago but now have different owners and are no longer connected.<\/p>\n