Receivers First Report

pursuant to Section 23 and 24

of the Receiverships Act 1993

SMI Projects Limited (In

Receivership)

Insolvency Matters Limited

Unit 3, 245 St Asaph Street, Christchurch
PO Box 13 400, Armagh, Christchurch 8141
insolvencymatters.co.nz / 03 366 6115
Receivers first report SMI Projects Limited (In Receivership) –
“the Company”

Introduction: Attachments:
■ The company was placed into receivership on 4 April 2024 appointing ■ Appendix A – Estimated Statement of Assets and Liabilities
Brenton Hunt as Receiver. Brenton Hunt is a Licensed Insolvency
Practitioner (IP84). ■ Appendix B - Statement of Realisation and Distrubtions

■ The Receiver was appointed under the powers contained in General ■ Appendix C – Company Creditors
Security Agreement and Loan Terms and Conditions dated 7 May 2020 ■ Appendix D – PPSR Creditors
pursuant to section 6(2) of the Receivership Act 1993. The appointment was
in respect of all of the Company’s present and after acquired property.
■ The Receiver sets out below the first report for the Company. included in Company structure and operation:
the report is the Receivers Statement of Realisations and Distributions. This Date of Incorporation: 24 June 2020
report is prepared on the state of the affairs of the Company as required by Company Number: 8038263
Sections 23 and 24 of the Receiverships Act 1993 (“the Act”).
NZ Business Number (NZBN): 9429048388498
Registered office: Unit 1, 26 Goile Road, RD,
Restrictions:
Ohaupo 3290
■ This report has been prepared in accordance with and for the purpose of
section 23 and 24 of the Receiverships Act 1993 (“the Act”). This report is not Former Names: n/a
intended for general circulation and may not be reproduced in full or in
part. Trading Address: 161 Victoria Street, Hamilston

■ The statements and opinions expressed have been made in good faith and Trading Name: SMI Projects
on the basis that all information relied upon is true and accurate in all Nature of business: Property Investment
material respects and not misleading by reason of omission or otherwise.
Date ceased trading: n/a
■ In preparing this report the Receiver has relied upon the information and
explanations provided The Receiver has not independently verified or Shareholder(s): Squair Holdings Limited, Black Bar Limited
audited this information. The receiver accept no responsibility for the
completeness or accuracy of the information contained in this report, nor Directors(s): Brian James Squair, Vicki Ann Squair
does the Receiver accept liability for any losses occasioned to any party as a Associated Companies: n/a
result of circulation, publication, reproduction or use of this report.
■ The Receiver reserve the right, but will be under no obligation to review this
report (and if consider it necessary) to amend the report in light of any Events Leading to appointment of the Receiver:
additional information existing at the date of this report which becomes ■ The company was involved in Property Investment.
known to me after that date. ■ A property deal had not proceeded which put a commercial loan in default.
■ Unless otherwise stated all amounts are stated in NZ dollars. ■ The receiver was appointed by Brian Cribb Family Trust whose loan was in
default.
Receivers first report SMI Projects Limited (In Receivership) –
“the Company”

Estimated Statement of Assets and Liabilities: Preferential Creditors Claims:

■ The receiver has prepared a balance sheet showing the estimated assets ■ No know preferential creditors.
and liabilities of the Company at the date of liquidation. A copy of this is
attached as Appendix A 'Estimated Statement of Affairs'. Unsecured Creditors Claims:
■ Estimated unsecured creditors are $50,000.
■ The Statement of Affairs is based on information the receiver has available.
The receiver has not verified its contents at this stage. Property Disposed of to Date:
■ No property disposed to date.
■ The receiver notes the following regarding the Statement of Affairs that all
realisations are subject to receiver’ fees and expenses in priority to other Statutory Reporting:
creditors, and all balances are at book value, where available. ■ Further receivership reports will be issued every six months and a final
report will be issued at the completion of the receivership pursuant to
Proposal for Conducting of the Receivership: section 24 of Act.
■ The receiver has been appointed as a Receiver of Rents.
Completion of Receivership:
■ Rental income will be received until the property has been sold. ■ It is not practicable to estimate a date of the completion of the receivership
at this time.
Assets:
■ At receivership the assets of the company are commercial building in Contact details:
Hamilton.

Creditor Claims: Physical Postal

■ In accordance with section 23(1) of the Act, a schedule of known creditors of Brenton Hunt Brenton Hunt
the Company as at the date of this report is provided in Appendix C. Insolvency Matters Limited Insolvency Matters Limited
Unit 3, 245 St Asaph Street PO Box 13 400
Secured Creditors Claims: Christchurch Christchurch
■ The first ranking GSA Holder is owed $750,000 plus interest and fees at the
date of receivership. Phone Email
■ Other secured creditors have claimed and are believed to be owed $14,469. 03 366 6115. [email protected].

Dated: 11 June 2024

_____________________
Brenton John Joseph Hunt
Receiver
 SMI Projects Limited (In Receivership) – “the Company”
Appendix C Statement of Affairs

Note Book Value Estimated to Specific

$ realise Charge $
$

Assets secured by PMSI creditors / specific charges

Goods - -

Total Assets subject to specific charges $

Estimate of Funds after specific charges

Assets secured by General Secured Creditor

Fixed Assets $750,000 $764,469

Total Assets for General Secured Creditor $800,000

Amount owed to General Secured Creditor -

Estimate of funds after specific and general secured creditors ($14,469)

Assets not subject to specific charges / available for

preferential creditors

Accounts Receivable $0

Total Assets available for preferential creditors $0

Less Preferential creditors

Total Preferential Creditors $0

Estimate of funds after specific, general and preferential ($14,469)

creditors

Unsecured creditor – $50,000

Total estimated shortfall to all creditors $64,469

NB: This statement is subject to costs of the liquidation.

• The above estimates are subject to the cost of the receivership
SMI Projects Limited (In Receivership) – “the Company”
Appendix B Statement of Realisation and Distributions

Note $ $
Opening Funds on Hand $0
Realisations

Total Realisations $0
Less Distributions

Total Distributions $0

Closing Funds on Hand $0

 SMI Projects Limited (In Receivership) – “the Company”
Appendix C Company Creditors

Unsecured Creditor Street Name Suburb City Email Address

NAI Harcourts [email protected]

Home Plus Waikato [email protected]

Silverton Alexander [email protected]

SMI Projects Limited (In Receivership) – “the Company”
Appendix D PPSR Creditors

Secured Creditor Email Address Collaterial Type Date Registered

Gladfield Malt [email protected] 1st Mortgage

[email protected] Caveat
Fico Finance