In September last year, the Otago Daily Times reported a wave of Dunedin hospitality businesses, including Zucchini Bros, being listed for sale.
On March 17, Zucchini Bros Dunedin was placed in liquidation by shareholder resolution and Trevor and Emma Laing, of Laing Insolvency Specialists Ltd, were appointed as joint liquidators.
In their first report, the liquidators said the company operated for more than 25 years as a well-known restaurant in the city.
The director/shareholders — who were listed as Rachel Jill Smith and Roger Phillip Smith — made the decision to sell the business but a buyer, to purchase the operation as a going concern, was unable to be found.
They advised the company had dealt with a variety of issues in recent years experienced by many in the hospitality industry.
The restaurant closed in December last year and a sale of the company chattels was negotiated and settled in late February this year.
The lease for the restaurant premises was assigned at that time, too.
After the costs of sale had been paid, the balance funds were insufficient to pay all company creditors and the company did not have any other assets available for realisation.
The liquidators had been advised the company had Inland Revenue Department liabilities, the exact amount of which was being confirmed.
All employee entitlements had been paid prior to liquidation.
At this stage, the liquidators were aware of 16 unsecured creditors and that debt was estimated at $35,585.48. Indications were that due to the limited assets available, it was not expected a dividend would become available to unsecured creditors.
