Who wants money from failed Nido builder: liquidators issue creditor claim list

A long list of creditor claimants has been issued showing the names of those wanting money from the liquidated company which developed New Zealand’s biggest homeware store.

In a who’s who of the construction sector, the list of Vijay Holdings’ creditors includes some of the most well-known names in the sector.

From businesses owned by Fletcher Building to the prominent Green Gorilla, the names show the scope of work involved in developing the huge store which was said to be an early rival to Ikea.

Vijay developed the 2.7ha 100-showroom Nido (Italian for nest) off Lincoln Rd, Henderson, and was building the carpark when it went under.

But it was unable to finish the top level of the 650-space carpark and only got to level one of the building, according to Mark Hughson, who is a director of its landlord Central Park Property Investment.

Creditor businesses’ chances of getting their money have not yet been revealed because the liquidators Daran Nair and Heiko Draht are still ascertaining what happened to tip it over.

The Nido building and its neighbouring 650-space carpark was meant to cost $37.8m but, so far, a total amount of $44.6m has been spent on the project, according to the liquidators.

Vijay director and Nido founder Vinod Kumar told the Herald in an earlier interview: “The construction company has existed for 22 years and done $122 million of work. It’s so disappointing for us.”

He has refused to say how much Vijay owes creditors or how many creditors were owed money.

But did reveal he called in the liquidators Greenlane Chartered Accountants and their appointment was not made by a creditor.

Unsecured creditor claims are yet to be quantified but a scaffolding and building subcontractor yesterday told the Herald they were owed $150,000 each.

The liquidators’ report showed some of the creditors registered on the Personal Properties Securities Register were Fletcher Steel, Fletcher Concrete and Infrastructure trading as Firth Industries, Mico New Zealand, Royal Wolf, Carters Building Supplies, Kiwi Hire and Sales.

Humes Pipeline Systems, Sarsfield Engineering trading as Equipmentshare, Portacom New Zealand, APL Kiwiform, Steel Building Products (Northern), Ramsetreid Tools & Equipment and R&S Trade Group are others.

Then a list of dozens of creditors appeared in the report, without registered securities.

Accounts showed $2.6m was due to unsecured creditors.

They included builders, engineers, consultants, bin hire, recruitment, door and equipment hire firms.

BM Electrical, Done Right Builders, Fire Consulting Group, Carters, Green Gorilla, Hirepool, Lendich Construction, Mico NZ, Mitre 10 New Lynn, Portacom, Schindler Lifts NZ, The Labour Exchange and Unity Scaffolding appeared on that list.

Remarkable Roofing, Royalwolf Trading New Zealand, OE Crane & Equipment, NZ Fire and Compliance, Navigator Construction, Kiwi Hire & Sales, Framerite Installations, Glass Vice Products, Custombilt Steel, BQH, Hansen & Sons Contracting and Ian Howe Concrete Pumps appeared on the list, along with many others.

Acrow, 24/7 Patrols & Guards, Airey Consultants, Antonio Civil Engineering, Beeson Construction, Blacks & Urquhart, Cocker Consulting Jaybro, Just Water, Mai Staff, Soil & Rock Consultants, Watercare and Wyatt Reinforcing also appeared.

An update was sought on the November 9 liquidation from Heiko Draht.

“To date, we have received claims with a total of $803,875.13. We have not established the value of the net assets and our investigations are still ongoing which will include investigations into related party debts and other possible voidable transactions,” Draht said.

Those who are seeking money were advised to lodge claims but the liquidators said it was not known by November 13 when they issued their first report who had valid claims and who did not.

“The above list includes the names of certain creditors which claims are disputed,” they noted. All names went into the report to ensure all possible creditors got a copy.

Fixed assets, voidable transactions, liabilities and how much, if any money, was owed to Inland Revenue was listed as “to investigate”.

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