Liquidator considers value in chasing Timaru company’s ‘very large’ debtors

Thursday, 12 June 2025

Six months after a long-running Timaru-based electrical, refrigeration and heat pump business was put into liquidation, the liquidators have been unable to settle two large outstanding accounts.

Siebers International provided services across South Canterbury for more than 40 years, before its owners made the “very disappointing” decision to voluntarily liquidate the business in November over two “very large” projects they had not been paid for.

In their first six-monthly report, covering the period to May 15, joint liquidators Trevor Laing and Emma Laing, of Laing Insolvency Specialists, said they proposed continuing with the collection of the outstanding accounts, and would “evaluate the economics of recovering payment” for them.

“Completion of the liquidation is dependent on an evaluation and the economics of recovering payments for the two projects sub-contracted for by the company.

“The liquidators are still in the process of investigating the issues and gathering information on the transactions.”

They also planned to confirm there were no other actions that would result in a return for creditors.

The liquidators confirmed claims of $337,416 had been received from creditors.

Those included four claims from secured creditors amounting to $26,113, a claim from preferential creditor Inland Revenue for $52,114, four preferential creditor claims from employees amounting to $21,928, and 16 claims from unsecured creditors totalling $237,259.

The claims from the employees included payment of PAYE and KiwiSaver obligations.

“Sufficient funds have been realised for a dividend payment of 50 cents in the dollar for preferential wage claims.”

Secured creditors included Black Diamond Technologies, BOC, Temperzone and Harrison Bloy Plumbing and Bathrooms. Unsecured creditors included NZ Safety Blackwoods, Brosnan Transport, Thinkwater Timaru and Timaru Toolshed.

A garage sale of the company’s plant and stock had been held, bringing in $4023, and outstanding receivables of $41,491 had been collected.

“The liquidators have pursued collection of the outstanding debtor’s ledger accounts, apart from the two projects … which the company subcontracted for, the majority of the ledger has been collected.”

Once costs, including rent and liquidation costs, had been covered, there was a balance of $8286.

The liquidators said they anticipated “being in a position to comment further” by the time the second six-monthly report was released.

In December, Siebers International owner Peter Siebers told The Timaru Herald he and his terminally-ill wife, Josie, hoped the liquidators would “pick up the fight” over the “two very large contractual disputes”.

Siebers said two companies had “disputed their obligation to pay” his company, and he and his wife needed to focus on her deteriorating health.

He did not name the companies, and the liquidators had not named them or listed the amounts owed.

However, in their first report, the liquidators said the “amounts involved are substantial for the company”.

Anyone with information that could help the liquidator and result in a benefit for creditors was asked to contact them in writing.