Black Robin creditors miss out
The receivership of Black Robin Shipping is over, with nearly $3 million lost.
BDO receivers Stephen Tubbs and Colin Gower have released their final report, which shows only $661,720 has been recovered from the $3.75m owed by the Timaru to Chatham Islands shipping service.
Of the money recovered, $191,710 had been gobbled up in receivers' fees since their appointment on October 20, 2010 and $93,210 in legal fees. Valuers' fees came in at $8528 and $44,017 was paid in GST.
The only secured creditor, Crown Asset Management, had only recovered $324,255 of the $3.29m it was owed. This was a debt the Crown had assumed following the receivership of South Canterbury Finance, which originally lent the money, in 2010.
Unsecured creditors were $438,838 out of pocket and the Inland Revenue Department was owed $18,407.
The sole asset of the company, the ship Rangitira, had been sold for $661,720 to the former operator of Black Robin Shipping, Kelvyn Leslie, who had reformed as South East Shipping earlier this year to continue the service, which operates two to three times a month.
Mr Leslie said it was heart-breaking when Black Robin Freighters, which had operated for 12 years, failed.
"Our whole situation was caused by the purchase of our second ship, the Jaguar."
The Timaru Herald