The corporate behind a failed milk plant undertaking in Otorohanga faces de-registration in New Zealand subsequent week.
With the resignation of its final remaining director final month, Completely happy Valley Diet was faraway from the official listing on Australian Inventory Trade on December 28.
The Registrar of Firms in NZ says it intends to take away the corporate below part 318 of the Firms Act 1993 on January 25.
Completely happy Valley and its subsidiary 5 Redland Highway Ltd (FRR) had been put into administration six months in the past. On December 7, the failed firm owed collectors round $24 million – together with $12.5m to trustee MC HVN Pty Ltd and $10m to 73 convertible word holders.
Completely happy Valley was arrange in 2016 to construct a greenfield milk processing web site however struggled to acquire capital to finish the undertaking. In 2021, 5 Redlands bought a 142ha web site in Otorohanga for the proposed plant. Nonetheless, floor works stalled after the corporate ran out of money. 5 Redland, a non-listed NZ registered firm, is in liquidation. Directors will probably be calling brokers to promote the land and pay collectors.
Directors Andrew Grenfell and Kare Johnstone, McGrathNicol had been appointed final July. On 21 September 2023, a gathering of collectors was held the place it was resolved that Completely happy Valley execute a deed of firm association (DOCA) to offer ample time for the directors to conduct additional investigations and permit the corporate to discover the potential of recapitalisation and/or getting into a sale of all or a part of its enterprise and/or belongings.
The DOCA, executed on 3 October 2023, included a sundown date of 30 November 2023. After the sundown date had handed with out extension or any restructuring proposal being progressed, the directors introduced the resignation of the final remaining director and chair Kevin Bush. The administratos additionally knowledgeable ASX that the termination of the DOCA meant they had been now not deed directors and due to this fact had no authority relating to Completely happy Valley. However they continue to be directors for 5 Redland.
Of their remaining report, the directors famous that no repayments have been made to the secured lenders on the date of those accounts.
Curiosity continues to accrue on the debt excellent.
“Any restoration to the secured lenders relies on the end result of the subsidiary firm’s asset realisation course of which isn’t but full,” the report says.
Completely happy Valley had about $86,000 in its checking account when McGrathNicol had been appointed deed directors. After funds together with $23,000 for directors buying and selling prices, $30,000 for authorized charges and $28,000 for salaries and wages, the corporate had $6,873 left in its checking account final month.
In an investor replace earlier this month, Completely happy Valley hinted that it might be deregistered.