Anand hoped to refinance the company to shore up its position, with a view to increasing sales leading into the Christmas period.<\/p>\n
However, Anand and the company could not secure financing, and elected to appoint liquidators as a result.<\/p>\n
Following their appointment, Patel and Reynolds have requested the company\u2019s records from Anand, and are sourcing records from external sources including the company\u2019s bankers, creditors, accountants and advisers.<\/p>\n
Patel and Reynolds have also secured the retail sites and are centralising the inventory so they can conduct a sale.<\/p>\n
According to the liquidators\u2019 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).<\/p>\n
BNZ Bank has a registered security interest over all present and after-acquired property, although the amount owing is still to be determined.<\/p>\n
Crown Equipment and BMW Financial Services have registered security interests over goods (motor vehicles), with the amounts owed unknown.<\/p>\n
Stellar Machinery has a registered security interest over goods (other), also of an unknown amount.<\/p>\n
Bizcap NZ has a registered security interest over all present and after-acquired property, with a debt owing of $756,000.<\/p>\n
Assets available for unsecured preferential creditors include $45,000 in retained funds and $452,000 in stock held in the retail shops and warehouse.<\/p>\n
The latter figure includes claims from customers who have paid for goods purchased.<\/p>\n
An unknown amount of inventory is also listed; however, the stock is yet to clear customs or is still in transit to New Zealand.<\/p>\n
As for amounts owed to preferential creditors, $142,000 is owed in employee claims. <\/p>\n
An undetermined amount is owed to the IRD for outstanding GST, PAYE and other fees, alongside Customs duties and certain customer claims.<\/p>\n
The majority of funds owing related to unsecured creditors, with $362,000 owed under various lease obligations.<\/p>\n
Patel and Reynolds have flagged that the amounts owed under the leases were likely to \u201cincrease significantly\u201d.<\/p>\n
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,<\/p>\n
Overall, DNA Global owes creditors of all classes a preliminary total of $2.5 million.<\/p>\n
Patel and Reynolds said the dividend payout and estimated completion date remained unknown.<\/p>\n