Top city businessman has gone - leaving his debts behind
An award-winning Nelson businessman has left the city, while his company has left a trail of debt, owing about half a million dollars. Dan Slattery is understood to be living in Australia after leaving Nelson and deserting his company Zumo Ltd, which owes more than $500,000.
The former Nelson resident started the Zumo coffee business in 2007, along with the popular retail store on Rutherford St, and in 2010 it won the Nelson Tasman Chamber of Commerce Award for best emerging business.
However, Zumo Ltd has ceased trading and is about to be removed from the registrar of the Companies Office.
Meanwhile, Mr Slattery, who is the sole director and shareholder of Zumo Ltd, continues to owe $304,170 to 23 unsecured creditors, records show.
This week insolvency practitioner Geoff Falloon, who was voluntary administrator last year, said he expected Zumo Ltd to be struck off the register any day.
Zumo Ltd owed a further $16,000 to a secured creditor and had a shareholder current account in debit by $169,471, said Mr Falloon, of Biz Rescue.
Creditors had yet to receive any money and Mr Falloon was also owed $18,400 for his work.
Mr Slattery was understood to be living in Australia, said Mr Falloon, but he had yet to hear from him.
Investigations are also continuing into how Mr Slattery handled transactions of about $40,000 involving Zumo Ltd, Zumo Retail Nelson and his lawyers.
Nelson-based American Allen Chambers took over the retail coffee business last year, paying about $10,000 to settle outstanding bills.
Mr Slattery was a director of a number of Nelson companies that were struck off the Companies Register, and remains a director or shareholder of another five companies registered in Nelson, Companies Office records show.
The Nelson Mail was unable to contact Mr Slattery. Johnston Associates chartered accountants in Nelson, listed as the company's address, said Mr Slattery did not want to comment.
- An earlier version of this article stated Mr Slattery had been struck off as a director from six Nelson companies. That was not correct. It was the companies that had been struck off the Companies Register, not Mr Slattery. Mr Slattery has never been struck off as a director of any company in New Zealand. The error is regretted.
- © Fairfax NZ News
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