As recently as September last year, the liquidators had indicated there were a number of potential recovery actions related to potentially insolvent and related-party transactions, but in their final report they said investigations had thrown up no voidable transactions or matters that warranted further investigation.
Secured creditors including ANZ New Zealand, Allied Finance, South Canterbury Finance, and Marac Finance were able to claw back some of their funds through the sale of property and discharge their claims, and little was left over for the liquidators. The only secured creditor still registered was Executive Laundry (Wellington), with a claim against Century City Accommodation.
Century City Football had held the A-League licence for the Wellington Phoenix club, which was relinquished to the Football Federation Australia in September 2011.
The liquidators report shows the football company had seven preferential claims from unsecured creditors amounting to $276,241 relating to unpaid wages and GST, and 11 from non-preferential unsecured creditors owed about $1.6 million. Neither group got what they were owed. The Inland Revenue Dept had a claim for unpaid GST of $60,391 against Century City Investments, while the remaining unsecured creditors were owed smaller amounts.