Wellington gym business liquidated

Last updated 14:10 05/06/2012

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Wellington's two Sports-Wide gyms will remain open despite the company that runs them being put into liquidation.

The company owed Inland Revenue $1.03 million - plus another $278,184 for rent arrears - associate Judge David Gendall said in the High Court at Wellington today.

Sports-Wide liquidator John Fisk, of PricewaterhouseCoopers, said a decision was made with the company's directors to keep both The Terrace and Willis Street gyms' doors open while trying to find a buyer. It was a matter of making sure a decision was made to give the best return for creditors, he said.

A director of the company who was in court refused to comment both after the court hearing and after the meeting with liquidators.

The liquidation comes after the Commissioner of Inland Revenue refused to accept a proposal to settle the debt with the payment of a reduced amount of core tax the company said was owed, waiving interest and penalties.

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- The Dominion Post

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