Fortress Information Systems Ltd, that traded as Ticket Rocket and Ticket Direct, was placed in receivership in October last year under the terms of a General Security Agreement (GSA) with Bank of New Zealand (BNZ) from 2005.
The company was the brainchild of Canadian businessman Matthew Davey and had been based in Dunedin, where it sold tickets to events around New Zealand, for about 20 years.
It ran into trouble earlier last year as it failed to refund money for events, leading promoters to demand money.
Ticket-holders were left with tickets for events that did not go ahead because of Covid-19, and they could not get refunds.
In the first six-monthly liquidator’s report by joint liquidator Geoff Brown released late last week, it said liquidators were aware of unsecured creditors totalling just over $4.5 million.
The updated statement of affairs had Inland Revenue Department (IRD) listed as unsecured creditor, owed just under $430,000.
The balance, just over $4 million, was listed to ‘‘Other Creditors’’.
Liquidators also received a preferential claim from the IRD for GST and PAYE arrears of more than $500,000. The report said no payment had been made towards that.
It said more than $5.1 million was owed to BNZ at the appointment of the liquidators, and $200,000 payment had been made towards that.
Just under $9000 in court costs were awarded to the two creditors who petitioned for the company to be liquidated. No payments had been made.
The company had made preferential employee claims of about $25,000.
The next report is due in late November.
