Howick, one of the areas covered by the local publishing operations. Photo / Hustin Hu
Howick, one of the areas covered by the local publishing operations. Photo / Hustin Hu
Creditors of Howick company Times Newspapers called in liquidators when it became insolvent with debts of $962,000 and assets of only $124,000.
The publishing operations of the Howick and Pakuranga Timeshave been sold to a civic leader and former Act Party candidate and now operate under herownership.
Ben Francis and Garry Whimp of Blacklock Rose were appointed liquidators of the publishing business last month and issued an initial report to shareholders and creditors.
They described what went wrong but how they had sold the publishing operation to a new owner, which was a good outcome.
Brian William Neben and Delza Reay Neben, both of Half Moon Bay, are directors of the business which operated a local newspaper in the eastern area but was in financial difficulties and unable to pay debts.
“The company was faced with a liquidation application in respect of some debt,” the initial liquidators’ report said.
“The directors attempted to sell the business, however, that was ultimately unsuccessful. Once the sale failed the general security holder called in their loan and, following default, appointed administrators. The administrators attempted to sell the business and successfully negotiated a going concern sale.
Times Media managing director Reay Neben.
“Unfortunately, the purchaser failed to settle and the administrators ceased to trade. Shortly after ceasing to trade, a new purchaser made an offer which was accepted by the administrators. The creditors at the subsequent watershed meeting voted to place the company into liquidation,” the report said.
Herald inquiries today resulted in Bo Burns confirming she was the new owner of the Howick and Pakuranga Times, which is continuing in business, including via its website times.co.nz.
She is an east Auckland businesswoman who stood as an Act Party candidate in last year’s election. She has bought the company’s digital assets, according to an April 26 report by The Times.
The Times' new owner and publisher Bo Burns.
Administrators Whimp and Francis told Times staff the company would continue trading as usual in the meantime.
Francis today told the Herald: “The business is owned by the company and as administrators, we sold the business assets. The previous owner is the company we’re now liquidating.”
Voluntary administration enabled the sale of the publishing title, then liquidation of the company followed which is the process happening now, he said.
The directors had owned the business for many decades, Francis said.
Bo Burns was an Act Party candidate.
The liquidators’ report listed creditors of Times Newspapers as including Inland Revenue, Direct Distribution, Westpac NZ, Webstar, Ricoh Finance, Advanced Publishing Systems, Ricoh New Zealand, Australian Newspaper Service, Beacon Print, Crewcare, Digital Island, Eftco, Fencible Law, Genesis Energy, Howick Tyres & Alignment, Imagetext Publishing Systems, RSM Hayes Audit, Site Host, Tompkins Wake, Kevin Turner Cleaning, MYOB, New Zealand Community Newspapers Association, NZ Document Exchange and Printing Industries.
Employees were listed as being owed $51,000, IRD debts were put at $475,000 and unsecured creditors are owed an estimated $433,000.
All up, $962,168 in liabilities are listed, offset by assets of $124,000 which include money owed to the company of $118,000 and a bank balance of $6400.
Liquidators estimate an $837,000 excess of liabilities over assets.
Times Newspapers was previously called Business Media Newspapers and incorporated in 1980 so was operating for the past 44 years. Brian and Reay Neben own the company, along with Paul Forsyth, Companies Office records show.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
