Grand Hotel placed into liquidation

The company that operates Wanganui's Grand Hotel, Grand International Ltd, was put into liquation yesterday by the High Court at Wanganui.
Justice Warwick Gendall appointed the Official Assignee as liquidator, following an application by the commissioner of Inland Revenue.
Grand International Ltd owed Inland Revenue $224,126.88, Justice Gendall said.
He noted that on August 25 he gave the company, which didn't appear yesterday, a final adjournment, but the debt remained outstanding.
At the last hearing Rohan Jays, appearing for Grand International Ltd, told the court he had a conditional agreement to sell a house in Wellington owned by the Jays Family Trust. Mr Jays expected proceeds of $410,000.
On Monday Grand International Ltd was placed in receivership.
Receiver Richard Agnew, of Pricewaterhousecoopers Auckland office, told the Chronicle yesterday once he'd finished his duties as receiver the company's assets would be handed over to the liquidator.
The plan was to continue to trade so the establishment could be sold as a going concern and the hotel was open for business as usual.
The receivers had a prior right to use and sell assets and pay out the bank (secured creditor) before handing over to the liquidator, Mr Agnew said.
At the moment staff were happy to support the receivers. The first receivership report is due by December 1.