Trucking firm receivership wrapped up

The final receivers' report for a large Waikato transport firm shows major creditors have been repaid most if not all their money, including employees owed holiday pay.

Te Kauwhata Transport was forced into receivership in March because of high debt levels.

At the time it went under, the Rangiriri-based firm owed various creditors nearly $14 million, according to the final report from receivers Colin McCloy and David Bridgman of PricewaterhouseCoopers.

Debts included $2.1 to ANZ Bank, $9.3 million to GE Finance, $468,000 to the Inland Revenue Department, and $1.6 million to unsecured creditors.

Employees were owed $314,000 in holiday pay, which has now been paid back.

Te Kauwhata Transport's business and assets were sold to Freight Lines Limited for $5.5 million soon after it went into receivership.

The proceeds from that sale were then used to repay ANZ in full; the IRD was also paid in full and GE Finance was paid $5.3, leaving it $4 million out of pocket.

Unsecured creditors have received no payment, the report said.

According to its website, Te Kauwhata Transport was founded by Robbie Pasley in 1982.

It operated 60 curtain-sided trucks in the "golden triangle" region of Auckland, the Bay of Plenty and Waikato.

Its customers included The Warehouse, brewing giant Lion, DB Breweries, building products firm Gib and Plumbing World, the website says.

Te Kauwhata Transport's sole director was Pasley, who owned the company with Whangaparoa-based David Pasley and Patricia Wardill, according to the Companies Office.

Freight Lines, which is an Otorohanga-based transport company, has retained all of the 100-plus staff who worked for Te Kauwhata Transport and continued operating the business.

"We've left it pretty much the same, just changed the name to Te Kauwhata Transport 2020 and refinanced it," said director Peter Barker.

The receivers' final report showed Te Kauwhata Transport managed to claw back a total $7.6 million from selling the business, insurance claims and debts it was owed.

All of that was then paid out, including $239,000 in fees to the receivers and $88,000 in legal fees.