Company sold assets before liquidation

DEBBIE JAMIESON
Last updated 05:00 31/07/2014

Relevant offers

Queenstown-based road construction company Blue 9 Ltd owes $2.8 million but appears to have sold all its assets before going into liquidation, a liquidator's report says.

Blue 9 is the fourth company owned by Steve Rout and various family members to be put into liquidation since 2002.

According to Companies Office documents, assets of Steve Rout Contracting, which was liquidated in 2011 owing more than $5.3 million, and company East South Ltd, which was put into receivership at the same time, were sold to Blue 9.

Steve's son Jesse Rout said yesterday he had worked at Blue 9 and purchased earthmoving equipment from Blue 9 via the company's secured creditor UDC Finance Ltd.

Other equipment was sold following a public tender.

"I do believe all the equipment was sold. I haven't seen all the numbers on that," Jesse Rout said.

He was operating his own company, NuRoad Civil Ltd, in Queenstown. He had one existing client from Blue 9 and a couple of staff members were still with him.

"Those were the boys that pretty much worked directly with me at Blue 9."

According to the Companies Office documents, Jesse Rout is the sole director and shareholder of NuRoad Civil.

The first liquidator's report on Blue 9 Ltd became public this week and says Blue 9 was also known as NuRoad Civil.

Blue 9 ceased trading on January 30 this year when it could no longer pay its debts, the report says.

The company is owned by Jane and Steve Rout and trustees of The Poutama Trust. Steve Rout is listed as the sole director. The Blue 9 liquidators had only been able to contact Steve Rout via email and telephone, as he was now residing in the Philippines, the report said.

"The liquidators have been advised that all of the company assets have been sold prior to the date of the liquidation. However further contact with the director is being made to confirm that there are no further physical assets to be disposed of.

"An examination of the records will also be made to confirm this fact," it says.

The report lists $2.8m due to creditors including $1.7m to secured creditors, $254,000 to preferential and $687,000 to unsecured creditors.

Ad Feedback

- The Southland Times

st strap Communites
Our E-Editions

Read our free publications online.

giveaway
Win with the Times

Win with us!

Stl paper logo
Subscriber services

Click here for subscriber news and information.

ST digital edition thumb
Digital edition

Read The Southland Times online with our digital edition.

Newspaper
Subscribe

Click here to subscribe to our publications

Special offers
Opinion poll

What is your impression of Invercargill's teens?

Friendly and helpful, a credit to their town

No better or worse than anywhere else

Not impressed with them at all

Vote Result

Related story: Letter: In praise of young people

Featured Promotions

Sponsored Content

Daily diversions
stimes pan #stayclassysouthland

Cartoons by Chicane, aka Mark Winter

Quizzes

Today's puzzles

Reviews

Your Family News
Birth notices and anniversaries

Celebrations

View marriage and birth notices from around the region

Death notices

Death Notices

View obituaries from around the region