Tasman Pacific liquidation angers creditors

By DANIEL RIORDAN aviation writer

Creditors of Tasman Pacific (alias Qantas NZ) are outraged that shareholders of the failed airline have appointed their own liquidator days before creditors' winding-up petitions were due to be heard in the High Court.

They want the liquidator replaced.

Under the Companies Act and the Insolvency Act, overturning the appointment of a liquidator requires a simple majority of creditors, in number and amount of money owed. Creditors who cannot attend the meeting to be called by the liquidator are entitled to vote by proxy.

Colin Anderson, chief executive of valet parking company Base Care, which was fronting one of the creditors' winding-up applications, said his group, represented by would-be liquidator Bernard Montgomerie, was seeking legal advice.

The group is concerned shareholders might be planning to buy off some creditors to block the appointment of an independent liquidator.

They believe another liquidator might more vigorously pursue Tasman Pacific directors (who are all Zazu shareholders) if their actions while in charge of the airline are found to be at fault.

"These shareholders obviously hold the company's creditors in contempt," said Mr Anderson.

"We have the support of numerous creditors behind our application, and we would be extremely annoyed if deals were done with selected creditors in order to gain their support."

Tasman Pacific's sole shareholder is Zazu, a holding company whose shareholders (as of April) include some of New Zealand's wealthiest men - among them Alan Gibbs, Trevor Farmer, Greg Lancaster and Chris Coon.

Australians Ken Cowley, Ken Parker and Kerry Stokes are also shareholders.

Late on Friday Zazu appointed Jeff Meltzer and Arron Heath, of Auckland insolvency firm Meltzer Mason Heath, as joint liquidators.

In a brief statement announcing the liquidation on Monday, Zazu directors said they made their move "to bring some order to the process."

At least two petitions to liquidate the airline were set for a High Court hearing tomorrow. They were led by Base Care and Sweden-based inflight catering product provider DeSter.

Mr Montgomerie said he was tremendously disappointed at Zazu's actions and said creditors had more than one option to resist the appointment, including using section 250 of the Companies Act.

That allows creditors to apply to the court to terminate a liquidation.

Although the creditors' winding-up petitions are now moot, Mr Montgomerie said they planned to use their time at the High Court tomorrow to generate some action.

Tasman Pacific's five directors - Kevin Doddrell, David Belcher, David Skeggs, Fred Watson and Ian Farrant - are expected to attend the creditors' meeting, at a date yet to be set.

These five are also directors of Zazu. Mr Cowley, who was Tasman Pacific's chairman but left the board a few weeks before the receivership, is the sixth Zazu director.

Mr Parker also resigned his directorship of both companies, as did Mr Farmer, Mr Gibbs, Rob Campbell and Bryan Skeggs.

Tasman Pacific receiver Michael Stiassny of Ferrier Hodgson said yesterday that he was planning to release a statement on the receivership in the next three to four days. He had no comment on the liquidation, or the extent of the airline's debts, and said a satisfaction of debt document listed on Tasman Pacific's file on the Companies Office website "probably" related to aircraft leases.

Although the debt satisfaction is dated June 5, the Companies Office has not made its details public.

Another would-be liquidator, David Crichton of Christchurch-based Crichton Horne & Associates, who was representing DeSter, said creditors he had spoken to were waiting for the liquidators' report before deciding on any further action.

He too questioned the timing of Zazu's move, days before the court appearances.

"They've put creditors to expense. If they were going to be moral about it they could have done that some time back."

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