The liquidator of Postie Plus’ former owner reached a $550,000 settlement with the failed retailer’s former logistics supplier, leaving creditor Bank of New Zealand facing a shortfall of more than $5 million.
Postie Plus appointed PwC’s David Bridgman and Colin McCloy as voluntary administrators in June followed by liquidators in September 2014 after losing the support of its lenders when it failed to recapitalise its business.
It had been hit by supply chain disruptions in 2012 and 2013 when it outsourced its distribution centre to Kuehne + Nagel while shifting its headquarters to Auckland. Kuehne + Nagel was never formally named as the party being pursued in the courts.
In the final liquidator report for Retva, the remaining shell of Postie Plus Group, Bridgman says a “full and final” settlement was concluded in April 2016, ending proceedings brought by the retailer’s secured creditor.
BNZ had funded the initial legal proceedings against the third party supplier, but would have needed third party litigation funding to pursue the claim further. BNZ was owed $6 million at the time of liquidation and received $298,000 as a distribution.
The shortfall to BNZ as the secured creditor means unsecured creditors owed $6.7 million have been left out of pocket. The liquidators’ fees and disbursements totalled $166,000, while legal fees were $65,000. The liquidators have requested the company be removed from the register. (BusinessDesk)
