All three companies had a common sole director, Nido founder Vinod Kumar. Magsons Investments’ liquidators, Daran Nair and Heiko Draht of Greenlane Chartered Accountants, said the company owned was a part owner of Nido’s property at 158-160 Central Park Drive in Auckland.
ROB STOCK/Stuff
West Auckland furniture store Nido store continues to trade while receivers try to find a buyer. The company entered into a joint venture with Central Park Property Investment, and the venture was registered as Everest Central Investments Limited (ECIL). Initially Magsons Investments had a 20 per cent stake in ECIL but over time the other partner, Central Park, acquired some of Magsons shares. Company records show it no longer holds any.
He said Waterstone had a record of litigating claims if needed, and there were a number of matters to be investigated, including whether there were inter-company payments or reckless trading. Vijay was the construction company tasked with building Nido, a $60m, 27,000 square metre projected which was aspired to be New Zealand s biggest retail outlet. It opened incomplete in June shortly after the lifting of the Level 4 lockdown and the first liquidators’ report said Vijay’s director was unable to raise more funding to finish the work. Meanwhile, Nido’s receivers Kare Johnstone and Conor McElhinney said the store was still trading and stock had been discounted while the search for a buyer was underway. About 100 staff were waiting to hear about their future.
Nido builder liquidators ousted, creditors vote in replacement
17 Dec, 2020 09:52 PM
2 minutes to read
Magsons, trading under the Nido brand, collapsed into receivership on Friday. Video / Will Trafford
Creditors owed money for working on New Zealand s largest homeware retail outlet have ousted the liquidators of the business and had a new liquidator appointed.
Greg Sherriff of Waterstone Insolvency is now the liquidator of Vijay Holdings which built the 2.7ha Nido store in Henderson and was finishing a 650-space carpark.
Sherriff said this morning: The pressure is now on to repay the faith that creditors have expressed in me.
On November 6, Daran Nair and Heiko Draht of Greenlane Chartered Accountants were appointed Vijay liquidators at the request of shareholders.