The Chapel Bar & Bistro in Ponsonby- who the company behind it owes money to. Photo / Brett Phibbs
The Chapel Bar & Bistro in Ponsonby- who the company behind it owes money to. Photo / Brett Phibbs
The initial receiver’s report on Ponsonby’s Chapel Bar & Bistro has revealed debts are owed to a bank, Inland Revenue, suppliers and others.
Digby Noyce, of RES Corporate Recovery Insolvency, said the company behind the business defaulted on a loan from a secured party, by failing to comply with a demand for payment to the secured party.
The lease for the premises also expired on May 31 and there were no further rights of renewal.
Ponsonby Road Holdings was put into receivership on June 24 by shareholders who owned part of the business, Kyle and Deborah Anderson.
ANZ Bank, DB Breweries, Glengarry Wines, Coca-Cola Amatil (NZ) and Hancocks Wine, Spirit and Beer Merchants are listed as creditors although how much they are claiming has not been stated.
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BOC, Metcash Trading, Burns & Ferrall, Washtech, Vintners, Mineral, Mt Roskill Cash’n Carry, Hamill Refrigeration and Bidfood also appear in the list of creditors in the report.
The business owes $542,000 to the general security holders Deborah Anderson and Kyle David Anderson. Kyle Anderson is the sole director and he is a shareholder along with Luke and Amanda Dallow of Westmere and Craig Anderson of Courthouse Lane.
Inland Revenue is owed $57,000 in outstanding GST and employer taxes, Noyce found.
The company was only incorporated in February 2020.
Unsecured creditors are owed a further $150,000, according to the company’s own records. But so far, Noyce has only received claims of $7900 from unsecured creditors.
The bar fit-out and all stock were subject to purchase money security interests.
A registered valuer has evaluated the bar and restaurant chattels.
The Chapel Bar & Bistro in Ponsonby. Photo / Doug Sherring
The chattels and intellectual property were sold to the secured creditor for $150,000 to reduce the debt owing to them.
“We are still investigating the loans to the previous director,” Noyce said.
It is unlikely there would be any money for unsecured creditors due to the level of secured and preferential debts owed by the business, Noyce said in the report only made available today on the Companies Office.
Kyle Anderson took full control through a new company and said he was looking forward to a relaunch.
The new company, The Cloak, now owns the bar and staff are on new contracts. The Andersons are the ultimate owners of that company.
Kyle Anderson indicated it had been a tough time but the changes were necessary after he was owed money.
“I didn’t walk away from any debts. There are no staff owed money,” he said in July.
Noyce said then that the changes were a positive result.
Kyle and Deborah Anderson had lent money to the bar’s previous holding company Ponsonby Road Holdings last year, but the company did not pay that money back.
Noyce said the change of ownership happened in much the same way as would happen if a company owed a bank money, could not pay the money back, and the bank enforced its security.
“It would have been exactly the same and in fact [Kyle] has paid back the bank as well. It’s always good to have people continuing to be employed,” Noyce said in July.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
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