Failed nationwide logistics firm Bullet Freight Systems has left more than 200 unsecured creditors out of pocket by $2.8 million, and ANZ bank has only recovered $8.5m of its $15.4m claim against the company.
Stuff.co.nz reports that receivers PPB Advisory initially tried to sell the business as a going concern, but could not find a buyer amongst interested parties in New Zealand and Australia.
PPB has finished salvaging and selling the failed company’s assets, which it has detailed in the final receivers report. The report covers other companies in the same group including Strait Freight and Strait Linehaul.
It sold a fleet of around 200 vehicles for $6.7m plus GST, adding to debt recoveries of $4.6m, cash reserves of $652,000, and the proceeds of selling intellectual property and equipment.
The receivers say that given the shortfall to the bank, there will not be sufficient funds to make a distribution to the unsecured creditors.
Stuff.co.nz reports that Gareth Hoole and Clive Bish of Ecovis KGA have been appointed as liquidators to conclude the insolvency process.
