Tasman liquidator says he's right man for job

By DANIEL RIORDAN aviation writer

Tasman Pacific's shareholder-appointed liquidator says he is no sap and has told directors of the failed airline as much.

Jeff Meltzer, who with partner Arron Heath of Meltzer Mason Heath was appointed liquidator on June 8, is waiting for a receivers' report, expected early next week, before he can prepare his report and call a creditors' meeting. He said that could be up to three weeks away.

Mr Meltzer responded to some creditors' concerns that he and Mr Heath might not be able to pursue the liquidation fully, because of the circumstances of their appointment.

The five directors of Tasman Pacific, which flew as Qantas New Zealand, are all directors of Zazu, the airline's sole shareholder which appointed the liquidators.

"The day we were appointed we met all the company's directors - either in person or by phone - and we explained in very clear terms our role and function as liquidators," said Mr Meltzer.

"I had previously asked the solicitor acting for the company why we were approached to be liquidator. I was told it was the field we worked in - our area of expertise. And because we were independent.

"No one in my firm has ever worked for any of the directors, or for Tasman Pacific or its associated companies, so there is no conflict of interest.

"I said very clearly to directors that our role is very simple: we are there to protect the interests of the creditors who want to know why they didn't get paid."

Mr Meltzer said he and Mr Heath would look at the circumstances surrounding the appointment of the receiver, the trading of the company in the period leading up to the receivership (which could be several months), when the company became insolvent, and whether directors knew, or ought to have known, that date.

"We'll report back to creditors, and then it's up to them to determine who they believe is the best liquidator to move this forward."

At least two groups of creditors, headed by valet parking company Base Care and NZ Customs, are looking at replacing Mr Meltzer and Mr Heath with their own liquidators.

Under the Companies Act, liquidators have five working days from the date of their appointment to produce their first report to creditors. However, because the receivers have not yet produced their report, Mr Meltzer and Mr Heath have asked the High Court for an extension. Once the liquidators have produced their report, they have 10 working days to hold a creditors' meeting. Tasman Pacific's directors have said they will attend that meeting.

Receiver Michael Stiassny of Ferrier Hodgson said he planned to file his report on Monday or Tuesday.

The receivers' report will provide financial information on the company as at April 21 - the date of the receivership - which the liquidators will update to June 8. Two former Qantas NZ accounting staff have been hired to help with that update.

Mr Meltzer and Mr Heath travelled to Christchurch with the receivers last Friday to meet accounting and administrative staff working on the receivership. Mr Meltzer said claims from creditors continued to roll in.

Seven past and present directors of Tasman Pacific are facing Companies Office charges that they failed to file the company's June 2000 accounts on time.

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