New Zealand’s National Distillery Co enters liquidation
The National Distillery Company in New Zealand has gone into voluntary liquidation after owing more than NZ$2.2 million (US$1.24m) to creditors.
The Napier-based spirits producer was placed into liquidation on 15 June. Adam Botterill and Damien Grant, licensed insolvency practitioners, were appointed as joint liquidators for the business.
National Distillery Company was founded by Blair Nicholl and Ricardo Reis in 2019.
The distillery, located in the coastal suburb of Azuriri in Napier, produces gin, vodka, rum and whisky, as well as limited edition products such as a hot cross bun-flavoured vodka.
The company has been impacted by Covid-19 lockdowns and recent weather events, which led to ‘poor trading conditions in the Hawkes Bay area’, according to the liquidators’ first report to creditors and shareholders.
The report notes that there are 18 creditors, who are owed a total of NZ$2.24m. National Distillery Company owes NZ$731,000 (US$412,709) to ANZ Bank, NZ$627,000 (US$354,478) to Inland Revenue, and NZ$740,000 (US$418,326) to New Zealand Customs.
It also owes NZ$14,000 (US$7,900) in staff entitlements.
The report also said the business was sold prior to liquidation and that the liquidators will review the sale.
The liquidators are currently investigating National Distillery Company to determine whether any insolvent transactions have occurred or whether the business’ officers have breached any laws.
They aim to complete the preliminary investigation within one month. It is not yet known when the liquidation is expected to be completed.
The Spirits Business has approached National Distillery Company for comment.
In other New Zealand news, Clarity Distilling is targeting US and India expansion with its whey-based gin.
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