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Retravision (NZ) has officially gone into liquidation following the merger of its members with those of Appliance Connexion.
Retravision was responsible for the buying and marketing for 35 electronic stores across the county – however, it was decided last year that it would be beneficial for member stores to belong to a larger retail buying group.
The shareholders resolved to put the company into liquidation as part of the winding down process.
PKF’s first liquidator report said: “Retravision (NZ) Limited agreed to terminate trading from 31 January 2009 and members were offered the option of joining the Appliance Connexion Group, which most Retravision members took up.”
Chris McCullagh, who is a senior manager at PKF, said this was the orderly winding up of the business.
He said the business was not solvent because it could not pay full rebates to all its member shareholders but that the members were comfortable with the process.
Part of the reason the company is insolvent is that member Stereo World went into liquidation last year owing the company approximately $1million.
Mr McCullagh said that the liquidators were looking at whether they would pursue legal action against the company because there were issues with where Retravision ranked as a creditor.
He explained that although Stereo World had signed a general security agreement when it first took up membership, the business changed names and companies and the PPSR was not reregistered.
Liquidators have also identified a second possible legal claim but Mr McCullagh did not want to go into the details surrounding this.