Creditors promised repayment

BY CHERIE HOWIE

The director of the failed company behind Blenheim's former Black Creek Pizzeria & Bar and Whitehaven Restaurant is to declare bankruptcy so she can pay back out-of-pocket creditors.

Nikki Andrews' company The Eagle Has Landed Ltd went into liquidation last month.

The first report by joint liquidators Iain Nellies and Wayne Deuchrass revealed the company owed 41 unsecured creditors, including 26 Marlborough businesses, a total of $86,065.27.

Preferential creditor Inland Revenue is also owed $14,886.25, the joint liquidators report shows.

However, net assets of just $1528.46 were available to the liquidators when the liquidation of the company took place, the report shows.

Miss Andrews said she was "just so humbly sorry" for what had happened, but said creditors would get their money back.

She owed unsecured creditors between $100 and $6400 each, she said.

"I'm declaring personal bankruptcy to enable further funds from [my separate] property company to be distributed in fairness to ... creditors."

She sold the pizza, bar and restaurant business in 2007, but retained ownership of the land and buildings.

Miss Andrews took back ownership of the business a year later when the buyer failed to settle.

"I tried my hardest. I really was convinced I could recover the business, but due to insurmountable losses caused by the previous owner, damage caused to the ... restaurant's reputation and the recession looming over us in 2008, the situation became too difficult."

She did not want to comment further.

The pizza, bar and restaurant business, as well as the land and buildings – owned under a separate company – were sold in May this year.

Mr Deuchrass said he and Mr Nellies were looking through company records for any other assets, which was standard practice.

He invited affected creditors to lodge claims to him at Level 1, 148 Victoria St, PO Box 13-401, Christchurch.

A final report should be completed by the end of January, Mr Deuchrass said.

Most unsecured Marlborough creditors contacted by The Marlborough Express did not want to comment, but one said he was sympathetic to Miss Andrews' position.

Thymebank managing director Martyn Birch, who is owed about $1500, said the failure of the pizza, bar and restaurant business was not Miss Andrews fault.

"I'm disappointed ... but I can see the big picture – that she tried her damndest to trade it out. Unfortunately with the economic climate as it is, she couldn't."

He would supply Miss Andrews again, although he would seek a personal guarantee.

- The Marlborough Express