2 days ago
Auckland's Dragonboat Restaurant goes into liquidation after 30 years, owes $1.4m
The business also faced higher trading and compliance costs, before it entered arrears with the landlord.
The first report was unable to detail what assets the business had available for creditors other than a vehicle worth $29,294.67 and property, plant and equipment not subject to securities worth $16,369.
Customers at Auckland's Dragonboat Restaurant were still being served when the Herald visited the restaurant, despite going into liquidation in mid-July.
The liquidator identified two preferential creditors, including employee claims totalling $53,743, as well as Inland Revenue, which is owed GST and PAYE totalling $84,864.
As for unsecured non-preferential creditors, a further $313,853 is owed to Inland Revenue, as well as $13,864 to suppliers and other creditors.
However, the largest amount owed is to the business' landlord, totalling $1,068,000.
As of August 11, the business owed creditors a total of $1,396,717.
The landlord of Auckland's Dragonboat Restaurant is NDG Asia Pacific Limited, owned by Singaporean billionaire Furu Ding.
Based on company records, the restaurant's landlord is NDG Asia Pacific Limited, which is owned by Singaporean billionaire Furu Ding, who is behind plans to build Auckland's tallest tower building.
He bought a 4417sq m vacant site at 106 Albert St for $53m in 2012. In 2017, the Overseas Investment Office (OIO) granted Ding consent to build a $350m, five-star Ritz Carlton hotel and 52-storey tower on the site.
With the project yet to begin, a resource consent for the development issued by Auckland Council was due to expire in October 2021.
However, Ding's planners applied for an eight-year extension just days before the consent was due to lapse, which was signed off by the council and is valid until October 2029.
Brown, the Auckland Mayor, used the restaurant for a promotional video in March in an effort to get Aucklanders to submit feedback on the council's annual plan.
The video accumulated 50,000 views on Facebook and offered one lucky submitter the chance to win a 'Succulent Chinese Meal' courtesy of the mayor.
A spokeswoman for Auckland Council declined to comment on the business' liquidation, but confirmed that a winner had received a meal (or voucher equivalent) to the value of $150, but not at the Dragonboat Restaurant and instead at the Canton Cafe in Kingsland.
Reynolds said it was unknown whether any dividends would be paid to creditors, nor when the liquidation would be completed.
The Herald visited the location today and confirmed the business was still serving customers.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
