Christchurch-based trucking firm STL Linehaul 2023 Ltd has gone into liquidation owing more than $1.7 million to creditors.
The company was placed into liquidation on May 1 by resolution of its shareholders.
Licenced insolvency practitioners Brenton Hunt of Insolvency Matters and Steven Khov and Kieran Jones of Khov Jones were appointed as liquidators.
STL Linehaul has been operating for more than 65 years and according to its website had over 60 trucks and 100 trailer units, a network of eight depots across New Zealand and around 75 staff.
The first liquidators’ report released on May 7 reveals the full list of creditors including a number of firms in the transport industry.
The business was originally founded in 1956 by Snow Pearson with the name Stock Transporters Ltd and set up with a rural focus.
Over the years, the business progressed from a rural service to general and specialist freight work with brothers Shane and Robert Pearson taking over the business.
Companies Office records shows a change in ownership last year with Christchurch-based David Grater appointed director of the now liquidated business.
According to the liquidators’ report, “freight volumes have been much lower than anticipated, in particular in the last four months”.
Some trade creditors have placed the company on stop credit and directors attempted to raise additional capital but were unsuccessful.
Directors sought professional advice and decided to place the company into voluntary liquidation.
Staff wages and holiday pay was estimated at $600,000 while IRD PAYE and GST was estimated at $700,000.
The estimate for unsecured creditors was $1.25m.
The company’s bank account was in overdraft at liquidation.
Computer equipment and forklifts are leased. Remaining plant and equipment will be collected and sold at auction.
