Waikato-based company Organic Dairy Hub has gone into voluntary liquidation.
The company made the decision on November 22 last year after its shareholders voted on a resolution put forward by its directors to go into liquidation. It was filed on November 29.
Formed in 2015, the ODH is a co-operative that comprises around 28 organic dairy farmer shareholders.
The milk is processed at different sites across the North Island, including Waikato Innovation Park spray driers, Waiū Dairy in eastern Bay of Plenty, Goodman Fielder and Green Valley.
ODH exports a range of certified dairy products as well as its brand, Ours Truly, and its range of A3 organic dairy products. ODH also supplies liquid milk for other organic dairy brands in New Zealand.
KPMG’s Leon Francis Bowker and Luke Norman were appointed liquidators on November 29. According to the first liquidators report released on December 6, ODH directors Michael Allen Brown, Cameron Farrand, Sharleen Gardner, John Wafer, Frank Goodin and Ian Cumming signed a declaration that they have made an inquiry into the financial affairs of the company.
In their opinion, the company will be able to pay its debts in full within a period of not more than 12 months after the appointment of the liquidators.
“Based on the information provided to date, the liquidation is a solvent liquidation and will remain a solvent liquidation for the period of the liquidation. All creditors will be paid in full within 12 months of the date of the commencement of the liquidation,” it says.
After paying any remaining creditors, remaining funds will be distributed to shareholders. It is a solvent liquidation and will remain solvent for the period of the liquidation, the report says.
According to its Resolution of Solvency document released to the Companies Office on November 24, ODH had $50,238.40 in the bank, $31,000 of stock, $54,052.89 in receivables and property, plant and equipment worth $10,000.
It has $439 in unsecured creditors. All up its assets totalled $144,851.54. The expected cost of the liquidation is $55,000.