Crunching the numbers: The biggest and most niche liquidations of 2025

Saturday, 27 December 2025

This past year has been a particularly rough one for Kiwi businesses, liquidation figures show.

According to the NZ Insolvency and Trustee Service, some 586 businesses had gone into liquidation in the year to July, up from 381 the year before – and 251 the year before that.

Those either based in or with roots in Christchurch have not managed to emerge unscathed. From long-standing mainstays of the city’s jazz community to high-flying property developers, South Island businesses have been dealt some heavy blows.

Here were 10 of the largest or most niche cases which have progressed through the liquidation process in 2025 – sending shockwaves through not only the Canterbury business community, but in some cases, the country and beyond:

Grater Goods

For seven years, Grater Goods was a staple of Christchurch’s plant-based food scene. But in November, the company was placed in liquidation after a potential Woolworths deal fell through, owner Flip Grater told The Press.

An initial report from liquidator Brenton Hunt listed more than 50 creditors, including Inland Revenue, Christchurch City Council, multiple beverage and food companies, and Grater herself.

Staff were owed an estimated $10,000, Inland Revenue $60,000, unsecured creditors $100,000 and general secured creditors $108,500. Hunt predicted $50,000 of assets could be realised.

Vesuvio

Renowned Christchurch jazz and tapas bar Vesuvio was placed in liquidation in September, after two closures, moving locations and renovating since it opened in 1992.

The Official Assignee’s first report estimated $15,400 owed to employees, $176,000 to Inland Revenue and $453,000 to unsecured creditors, included Pegasus Wines, EC Credit Control, and more.

The bar, which amassed a 4.6 star rating across 363 Google reviews, was predicted to have $130,000 of plant, equipment, furniture and fittings, a $13,400 ice-maker and fridge, and $8800 cash in the bank for some creditors.

Medicinal Kiwi

Medicinal cannabis company Medical Kiwi, now known as Aether Pacific Pharmaceuticals on the companies register, was placed in liquidation in February - owing nearly $9m.

It followed the company being placed in voluntary administration in 2024, amidst “significant financial challenges”.

A second liquidator’s report, released in September, cited a revised debt estimate of $7.5m. It said, so far, about $100,000 had been paid to one secured creditor, following an auction of company assets.

Smiths City

Century-old retailer Smiths City was voted into liquidation in October facing more than $25m in claims, after it was placed in administration in September.

It operated nine stores, mostly in the South Island, and employed around 137 staff. Of the $25.7m of debt detailed in a first liquidator’s report, $9m was owed to ASB Bank, Polar Capital - the director Colin Neal’s vehicle - and Smiths City Finance.

The liquidation sparked numerous fire sales at Smiths City stores, with discounts as large as 70% enticing consumers.

Research First

Award-winning Research First failed after almost 20 years in business when it was placed in liquidation in June.

The Christchurch market research company was estimated to owe more than $3.5m, including $2m to Inland Revenue, after the business “struggled to be economic for some time”.

In July, Research First shareholders and directors Carl Davidson and Ann Thompson were back in business under The Curiosity Company, with some workers from their former team. They created the company three-and-a-half months before pulling the plug on Research First.

John Ross Architectural Builders

The debts of luxury home builder John Ross Architectural Builders, renamed Box 218, climbed to more than $2.3m in July after it was placed in liquidation in December.

In February, it was revealed director and shareholder John Ross Kelleher had tried to pass off a kayaking course he used to help him complete this year’s Coast to Coast as a company debt.

Homeowners that had engaged the company were left in limbo after the liquidation, with one invoking their Master Build Guarantee, and another giving up on a Disputes Tribunal claim.

GrabOne

GrabOne, also known as Global Marketplace New Zealand, entered liquidation in October owing $16.6m, $9.3m of which was owed to its Australian parent company.

The following month, a mystery $8m creditor of the failed coupon company emerged before a meeting about the liquidation’s future - and voted to retain the current liquidators.

“They pulled a rabbit out of their accounts receivable list. It’s a hell of a big rabbit,” Damien Grant, the director of the would-be new liquidators Waterstone Insolvency, said at the time.

Andrew Bendemski

Andrew Bendemski is a man of two names. Under one, he is a troubled property developer with a trail of failed projects and debts exceeding $100m. Under the other, Shane Beecham, he is serving a prison term for sexually abusing a child.

Eight companies with Bendemski as sole director were put in the hands of liquidators or receivers this year, mostly property and investment businesses. His creditors include mortgagees, Inland Revenue, staff, and suppliers.

Bendemski’s uncompleted projects include Bowenvale Heights, a Cashmere house and land subdivision in the Bowenvale Valley, the Blue Skies subdivision on Johns Rd in northern Christchurch, and the Stoney Creek lakefront luxury townhouse development in Wānaka. In some cases, mortgagees have resorted to trying to sell off the sites.

Triangle Steel Construction

Triangle Steel Construction was a former subcontractor on Christchurch’s new stadium, Te Kaha. It collapsed weeks after appointing a prolific conman as a director, owing $2.1m to about 120 creditors.

The company had been hired by international building giant Jinggong Steel to erect 40 curved radial trusses around the soon-to-open stadium’s perimeter.

While it was initially placed in liquidation in September 2024, the process has been ongoing throughout 2025 – with liquidators still unable to estimate an end date as of October.

Just weeks before Triangle Steel folded, career fraudster Leslie Orchard was appointed as one of its directors. Orchard has 1160 convictions and more than 1000 jail sentences.

NZ Wagyu and associated businesses

A failed Canterbury-based gourmet wagyu beef operation saw 15 related companies go into liquidation over the course of last year, after racking up nearly $20m in debt.

Christchurch man Arato Tsujino is now expected to be investigated under the Companies Act 1993 once liquidation proceedings are wrapped up, with liquidator Brenton Hunt alleging Tsujino’s companies had been trading recklessly “for some time”.

One of them, New Zealand Wagyu Co, had managed about 30,000 cattle across 50 farms on behalf of SFJ, a Japanese meat wholesaler. But it fell into substantial arrears with farmers and suppliers, despite SFJ making prepayments.