West Coast Bar & Grill goes under
Westcoast Brewing has been put into liquidation by Inland Revenue, along with its Christchurch bar and grill subsidiary.
Associate Judge Rob Osborne today ordered Westcoast Brewing and West Coast Bar & Grill (Christchurch) be put into liquidation under Iain Nellies and Wayne Deuchrass, of Insolvency Management.
The pair were appointed liquidators of the group's West Coast Brewery in Westport in May.
About $265,000 was owed to unsecured creditors and $133,700 is owed to preferential creditors.
Inland Revenue was owed about $90,000 of the preferential claims - the principal tax debt - with $144,000 of the unsecured claims penalties and interest.
Queenslander Paddy Sweeney, founder and director of the Westcoast Brewing group and the Good Bastards Club, has said the penalties were harsh, with Inland Revenue the only creditor in the country allowed to impose such harsh punishment on debtors.
About 370 investors bought in to Westcoast Brewing during its almost six-year life.
Nellies said the West Coast Bar & Grill was sold yesterday and was still trading, as far as he knew.
The amounts owed by Westcoast Brewing and the West Coast Bar & Grill were unavailable.
The sale of the Westport brewery was likely to be finished this week after a few delays with the buyer getting brewing approval from Customs, Nellies said.
The buyer is reportedly Coastwest Holdings, a Whangarei-based company created in September, of which Sweeney is a director.
Sweeney does not have a shareholding in the new company, which is owned by another Queenslander, an Oxford man, a Hamilton man and Graeme Bratty, of the Whangarei address of the company.
- The Press
How should the council plug its financial black hole?Related story: Council coffers fall short for rebuild funding