Liquidator reviewing information on unpaid subcontract accounts

Friday, 19 June 2026

Two “very large contractual disputes” have been cited as the reason for the liquidation of long-running South Canterbury business Siebers International Ltd.

The liquidator of a long-running South Canterbury business is reviewing information about two contracts cited as the reason for sending the company under.

Siebers International, an electrical, refrigeration and heat pump company, was put into liquidation by shareholder resolution in November 2024 after more than 40 years in business.

At the time, owner Peter Siebers said he was hopeful liquidators would “pick up the fight” over “two very large contractual disputes”.

Peter Siebers says the decision to put his long-running company into liquidation is “very disappointing”.

Siebers told The Timaru Herald the decision to liquidate his long-running company had been “very disappointing”, and said two companies had “disputed their obligation to pay” his company.

The companies involved had not been named by Siebers or the liquidators, and the amounts owed had not been made public.

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

In their second six-monthly report, the liquidators said they were not hopeful their investigations into the two projects would result in a return for unsecured creditors.

Those contracts remained unpaid, but in the third six-monthly report, dated June 15, liquidator Emma Laing of Dunedin-based Laing Insolvency Specialists said new information had been provided.

“As previously advised, the liquidators were making inquiries regarding the two projects sub-contracted for by the company. Further information has recently been received from the directors to clarify issues regarding the contracts.”

She said that was being reviewed.

Inland Revenue has lodged a claim for $54,114 in the liquidation.

The report, which covered the six months to May 14, said Trevor Laing had vacated as liquidator on May 10, leaving Emma Laing as the sole liquidator.

Tasks undertaken by the liquidator during the reporting period had included corresponding with Inland Revenue regarding its claim, liaising with creditors, requesting information from the director, corresponding with parties with securities registered against the company and finalising the collection of book debts.

Since the date of the liquidation, just over $68,000 had been recovered from asset sales and account payments.

There had been no change in the total claims received since the last reporting period, with $337,416 lodged by creditors.

Those included four secured creditors owed $26,113, one claim from Inland Revenue for $52,114, four claims from employees owed $21,928, and 16 from unsecured creditors owed a combined $237,259.

Employees had been reimbursed at a rate of 50c on the dollar.

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.

The next steps listed by the liquidator included completing inquiries regarding the sub-contracted projects, confirming there were no actions that could result in a return for creditors and commence final accounts and file any IRD obligations.

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

“Having received further information, the liquidators anticipate a decision on the economics of pursuing any claim will be made within the next six-month reporting period.”