According to accounts from 31 January, Geon NZ owed trade creditors NZ$7.4 million ($5.9 million) and employees were owed NZ$1.2 million.

Geon collapsed on 21 February, with McGrath Nicol appointed receivers and PPB Advisory appointed administrators.

A PPB creditors report showed that Geon NZ's accounts contained NZ$50.9 million of liabilities. That included NZ$45.4 million of external loans, although it also was owed $13.4 million in intercompany loans.

Geon NZ had NZ$30.1 million of assets, including NZ$19.3 of fixed assets, an NZ$8.3 million debtor book and NZ$2 million of stock.

According to information received by PPB during the administration, Geon's debt to suppliers subsequently fell to NZ$5.9 million, while the staff debt rose to NZ$2.1 million.

[Feature: The story behind Geon's collapse]

PPB told ProPrint on 5 March that Sydney-based Geon Group, which controlled Geon Group New Zealand, was likely to have more than $110 million (NZ$138 million) of debt. That would suggest that Geon NZ was responsible for about one third of the group's liabilities.

Geon NZ creditors are meeting in Auckland today to decide the company's future. PPB has recommended that it be liquidated, which would then trigger a detailed examination of whether any preferential payments or voidable transactions occurred in the six months before Geon collapsed.

PPB's preliminary findings were that no voidable charges occurred. However, PPB also found "potential insolvent transactions with a value in excess of NZ$1 million".

PPB said it was too early to comment on the realisable value of Geon NZ's assets or the potential return to creditors.

Meanwhile, the second Australian creditors meeting that was due to be held on 27 March has been postponed. It will now be held some time before 5 July.

[Related: Ups and downs of Geon]

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