Zip Internet liquidation highly complex
- 02 March, 2004 22:00
The liquidation of internet kiosk provider Zip Internet is proving even more complex than its liquidator John Whittfield suspected it would be.
Zip Internet was placed in liquidation late last week, says Auckland-based Whittfield.
"It was a court application and there were a number of creditors joined together."
Whittfield says even the number of creditors involved is complicated, "because of the complexity of the related companies and the way in which they had been accounted for".
Zip Internet was one of a series of companies co-owned by John Kenn Rangi that included Zip Technologies, Global Internet and Enet Technologies. Only Zip Internet is in liquidation, although another company, Global Gateway Fiji, is in receivership. Whittfield would not say how much the company owed at this stage.
"We're not at $2 million yet, but that's not to say if all the assets of all the companies that are related to Zip are tallied up we won't get there."
Whittfield says the police have also been involved in the investigation although he would not go into details.
"We have been in contact with the fraud squad already relative to information various creditors have told us."
Whittfield is still working on the list of creditors and assets and hopes to have that finalised by the end of the week.
"The normal process with a liquidation is that the assets are identified, then realised. Then we would go through an investigation process looking into the affairs of the company to work out why it failed."