Zion Wildlife park's coffers empty
Failed lion park Zion Wildlife Gardens Ltd appears to have no assets and creditors are unlikely to get any money back, says the liquidator's first report.
The company went into receivership on July 26 and liquidation on August 22 on the applications of Rabobank and the Inland Revenue Department respectively.
The sole director of Zion Wildlife Gardens Ltd is Patricia Busch, who is locked in a bitter dispute with her son Craig over the future of the big cats. He in turn has applied to have her declared bankrupt.
Mrs Busch owns the land and buildings of the park through her company Country Developments Ltd, also in receivership.
She will contest her son's bankruptcy application in Whangarei Court on October 18.
The case relating to the future of the animals will be heard in the same court next February.
Auckland accountancy firm PWC is handling both the receivership and the liquidation (under receivership a company can continue trading, under management by the receiver, but in liquidation a company will ultimately be dismantled and all the assets sold with proceeds shared by creditors).
PWC's first liquidation report says the Zion Wildlife Gardens owes $568,771 to four unsecured creditors and that there was "currently no expectation of a dividend being paid to unsecured creditors".
Mrs Busch appears twice on the list of four unsecured creditors in the liquidator's report; through her company Country Developments and in association with the Inland Revenue Department. The other two are the IRD itself and Rabobank Te Puke. Her status as a creditor is believed to relate to money she lent Zion Wildlife Gardens when the company was being run by her son.
Under receivership PWC is continuing to manage the park together with Mrs Busch as director and sole holder of the operating licence, while the fate of the animals is being decided.
Mrs Busch is responsible for the management of the facility and for ensuring all requirements are met relating to the Biosecurity Act and the Hazardous Substances and new Organisms Act of 1996.
PWC partner Colin McCloy said the company was committed to doing the best it could for the benefit of the animals and to that end was working closely with an independent zoo expert to ensure "the current welfare and containment standards of the animals at Zion Wildlife Gardens are maintained".
PWC was also working closely with Ministry of Agriculture & Forestry, with updates posted on the PWC website www.pwc.co.nz
