Business

Ticket Rocket liquidation leaves creditors NZ$10m out of pocket 

Featured Image: K8 on Unsplash

New Zealand ticketing company Ticket Rocket has left creditors some NZ$10m (£4.7m/€5.6m/$5.9m) out of pocket, after the company was placed into liquidation. 

According to reports, Fortress Information Systems Limited – which traded as Ticket Rocket and previously as Ticket Direct – was appointed liquidators by order of the High Court at the New Zealand city of Dunedin (pictured) in 2020.

The company was owned by businessman Matthew Davey, and receivers took custody and control of the company’s assets, continuing to trade with the view to sell. However, by November of that year they had been unable to sell so the business ceased trading.

Receivership was completed earlier this year and control of the company was handed back to the liquidator.

The final liquidation report revealed that Fortress’ total indebtedness to the Bank of New Zealand, a secured creditor, was NZ$5,124,195.17. Of this, NZ$4.81m remains outstanding, either through direct borrowing or cross guarantees.

Preferential claims totalling NZ$8,886.63 were received in relation to court costs awarded to two creditors that petitioned for the company to be liquidated, and preferential employee claims of roughly NZ$25,000 remained outstanding. The liquidator also received a preferential claim from the country’s Inland Revenue Department for GST (Goods and Services Tax) and PAYE (Pay As You Earn) arrears of NZ$512,163.97. However, no payments have been made towards any of these claims.

Unsecured creditors have also been left NZ$4,569,415.87 out of pocket.

The company will now be removed from the New Zealand Companies register.