Creditors Seek $16.5 Million from Liquidated GrabOne

Creditors are pursuing claims exceeding $16 million following the liquidation of the discount provider GrabOne, which was initiated by its Australian owners last week. The liquidation process for Global Marketplace New Zealand Ltd has been overseen by liquidators from Calibre Partners, specifically Neal Jackson and Daniel Stoneman. They released the company’s first liquidator’s report on October 16, 2023.

In their report, Jackson and Stoneman detailed that total creditor claims amount to $16.5 million. The largest single claim comes from a related party, totaling $9.3 million. Unsecured creditors, who face significant challenges in recovering their debts, have claimed nearly $3.9 million. This group includes businesses that provided services to GrabOne by honoring customer discounts but have not yet received payment.

The liquidation process has also left its mark on the company’s workforce. GrabOne employed 15 staff members at the time of liquidation, all of whom received termination letters on the same day the report was released. Employees have a preferential claim amounting to $365,000.

In addition to employee claims, the Inland Revenue has lodged a preferential claim for $153,000. Future tax liabilities for GrabOne have been estimated at $2.9 million, further complicating the financial landscape of the liquidation.

As creditors prepare to navigate the liquidation process, the extent of the financial fallout from GrabOne’s closure remains to be fully realized. With a significant number of claims already filed, the outcome for many creditors, particularly unsecured ones, appears uncertain. The situation highlights the broader challenges facing discount service providers in a competitive market.