Banks bought the business two and a half years ago.
“From day one, there were challenges, and despite giving it everything I had, I simply couldn’t keep going anymore, nor had the funds to carry on,” Banks said.
“The weight became too much to bear, and as painful as this is, I have to let go.”
The first liquidator’s report revealed Banks had financed the purchase of the business with a vendor loan, but the business had not performed to a level that enabled it to meet obligations to the vendor loan or the IRD.
The largest amount owing to creditors is a vendor loan of $175,353.
The IRD is owed more than $45,000 and trade creditors are owed $28,000.
The liquidators said the company has just over $111,000 in fixed assets, however, the book value of such assets appears to be significantly higher than any realisable value.
Creditors include Heartland Bank, Z Energy, ACC and Prospa.
Banks paid tribute to the many children who had walked through its doors, saying Party Kingdom was more than just a business.
“It has been a home from home filled with laughter, love, and the sound of children’s joy echoing through its walls.
“I have had the absolute privilege of witnessing so many birthday wishes come true, forming bonds with the children in our Before & After School Care and Holiday Programmes, and watching lifelong friendships blossom under this roof.
“Every giggle, every excited hug, every little voice calling my name has meant more to me than words can ever express.”
Banks said she had made the decision not to reopen before and after school care for term 1 to ensure parents weren’t stuck mid-term.
“I’ve tried to pay back deposits made and if by any chance, I have overlooked any deposits owed, please reach out to me privately, and I will do everything in my power to make it right.”
Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics including retail, small business, the workplace and macroeconomics.
