Company folds, with no cash for creditors

00:00, Jul 28 2012

A company directed by a convicted Feilding fraudster has been wrapped up, leaving behind no money to meet unpaid bills, including those of the liquidator.

Waituna Valley Transport, directed and half-owned by Peter Joseph Nitschke, was placed into liquidation this year over an unpaid tax bill.

The process of fully liquidating the company has taken only two months, because the liquidator could find no assets to sell.

In the final liquidator's report from the Companies Office, liquidator David Vance, of Deloitte, said he had not had contact with Nitschke, who is in jail for a fraud conviction relating to $2.3 million he took while working for Capehorn Farming. There had also been no contact with the other part-owner of the company, Janie Kathleen Nitschke.

Mr Vance found Waituna was set up to transport stock for Capehorn. When Capehorn was liquidated, Waituna ceased to trade.

Waituna's bank account was closed in 2010, and the last financial statements were from March that year.

While there were vehicles listed as Waituna assets, Mr Vance found they had already been sold and the money used to pay debts before he was appointed.

In the end, there was no money to pay any of the $179,211 owed to creditors.

As there was no money, the liquidators missed out on $9751 in fees. Capehorn is also in liquidation, with no assets available for any of its creditors, either.


Manawatu Standard