Receivers respond to IRD liquidation application

20 November 2013

Receivers respond to IRD liquidation application

The Inland Revenue Department has lodged applications to liquidate ExRW Limited and ExTVW Limited – previously known as RadioWorks Ltd and TVWorks Ltd (in receivership).

The applications are based on a disputed debt relating to a re-assessment of tax returns for the companies for the years 2000-2004. The dispute is still before the courts.

Joint Receiver Brendon Gibson of financial advisory firm KordaMentha says that the receivers will cooperate with the appointed liquidator.

“As we signalled at the outset, all those who had supplied goods and services to the companies before receivership, have been paid what they were due. This includes all tax and GST payments owed to the IRD. However, realisations from the sale of the business have not been sufficient to allow payment of the disputed debt,” Mr Gibson said.

The sale of the business was completed on Friday 8 November.

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