Liquidators Christopher McCullagh and Stephen Lawrence of PKF Corporate Recovery & Insolvency confirmed last year that SPQR owed $2.3m to creditors.<\/p>\n
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.<\/p>\n
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\u2019s bankruptcy.<\/p>\n
The report also noted Rupe undertook a sale and transfer of the \u201cSPQR\u201d trademark to a related party prior to liquidation.<\/p>\n
McCullagh and Lawrence established that while the sale had not been completed, the trademark was transferred to the related party.<\/p>\n
The liquidators later organised the transfer of the trademark back to the company and were making inquiries to sell the trademark.<\/p>\n
The sun set on Ponsonby Rd restaurant institution SPQR as liquidators were appointed to the business back in July last year. Photo \/ Alex Burton<\/p>\n
Assets sold but debt remaining<\/p>\n
Since being appointed as liquidators in July 2024, McCullagh and Lawrence sold the company\u2019s fixed assets comprising kitchen equipment and dining furniture for a total of $26,304.35 plus GST.<\/p>\n
The largest creditor was Inland Revenue, which was owed $1,066,868.46 concerning employer activities and GST arrears.<\/p>\n
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.<\/p>\n
ANZ Bank has a first-ranking general securities agreement (GSA) over the company\u2019s assets. It was owed $263,556.82 in relation to overdraft facilities, credit card and merchant fees.<\/p>\n
Liquidators made two distributions to the total of $9854.92 from the proceeds from the sale of the items to which ANZ\u2019s security was attached.<\/p>\n
Prospa held a second-ranking GSA over the company\u2019s assets and submitted a claim for $93,460.54 concerning a loan.<\/p>\n
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.<\/p>\n
The liquidators received 24 claims from the restaurant\u2019s 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.<\/p>\n
There were a further 35 claims from unsecured creditors totalling $664,310.77, which were also unlikely to see any funds distributed to them.<\/p>\n
Hospitality sisters Bronwyn and Jess Payne announced they were taking over the SPQR site in August 2024 under the name Jacuzzi.<\/p>\n