Liquidator, Paul Vlasic of Rodgers Reidy has released the Initial Report on the Auckland Agricultural Pastoral and Industrial Shows Board (trading as ASB Showgrounds).
The report has been e-mailed or posted to all known 92 creditors, including Lion, Yealands Estate Wines Ltd, Coca Cola Amatil (NZ) Ltd, Loaf Handcrafted Breads, Tiger Coffee Ltd and the Inland Revenue. A full list is available along with the report on this link.
Paul Vlasic says it is still very early days in the liquidation process.
“There are still a number of unknowns and we are waiting on additional information to determine the way forward. We know there are many interested parties in this and greatly appreciate everyone’s patience as we undertake this work.”
The liquidator has set up a dedicated e-mail address and anyone with queries can e-mail the liquidator at showgrounds@rodgersreidy.co.nz
Timeline
June 28, 2021: ASB SHOWGROUNDS UPDATE: Cornwall Park Trust Board (CPTB) Chair Adrienne Young-Cooper told Hospitality Business she hoped the decision by ASB Showgrounds operator The Auckland Agricultural Pastoral and Industrial Shows Board (the Showgrounds’ Board) to go into voluntary liquidation did not signal the end of the Showgrounds as an events centre.
“The Showgrounds has been an important community facility for a very long time,” Mrs Young-Cooper said.
“While what happens next is now in the hands of the liquidator, we would be prepared to support proposals that would allow the Showgrounds to continue to operate on an appropriate commercial footing,” Mrs Young-Cooper said.
The Showgrounds sits on land owned by the CPTB, which manages Cornwall Park for the benefit of all New Zealanders. The site is one of several parcels of land surrounding the Park that were intended by Park founder Sir John Logan Campbell to provide the CPTB with sufficient revenue to maintain the Park in perpetuity.
Mrs Young-Cooper said the Covid pandemic had severely affected the events industry, and the Shows Board was one of many operators that had struggled to remain viable.
“We have given the Shows Board considerable time and financial leeway over the past couple of years, in the hope they could find a way to continue to operate,” said Mrs Young-Cooper. “We are sorry that an accumulation of circumstances has led to this point, and we have appreciated the work of the Shows Board to find a way through.”
Mrs Young-Cooper said the relationship between her organisation and the Shows Board and its predecessors went back a very long way. Sir John Logan Campbell, who gifted the land the CPTB manages for the benefit of all New Zealanders, was himself one of the early leaders of the Auckland A&P Association.
Mrs Young-Cooper said that the terms of the Trust Deed under which the CPTB operates require the Trustees to act solely in the best interests of Cornwall Park.
“Our over-riding obligation is to preserve and enhance Cornwall Park for the people of Auckland and New Zealand, and that is where rental income from the Showgrounds and other land surrounding the Park goes. Anything that affects our revenue affects our ability to give all New Zealanders the opportunity to enjoy and experience nature in the heart of our country’s biggest city, free of charge.”
June 24 2021: ASB Showgrounds liquidators secured site to realise assets
One of Auckland’s favourite central exhibition venues, the ASB Showgrounds in Greenlane, has gone into liquidation and the Liquidator, Paul Vlasic of Rodgers Reidy, has secured the site stating an initial report will be issued on June 29.
Vlasic says Rodgers Reidy’s role is to realise the assets owned by the Auckland Agricultural Pastoral and Industrial Shows Board (trading as the ASB Showgrounds), and distribute funds to creditors in accordance with Schedule 7 of the Companies Act 1993.
“We have secured the site and are currently working through a process of identifying assets and determining ownership. Sadly, as part of our initial work, we have had to terminate all employment agreements,” says Vlasic.
“We have, however reached an agreement to re-employ a small number of employees to assist us in the early stages of the liquidation.”
“The Showgrounds are a massive part of Auckland’s cultural landscape and we know there’ll be a lot of uncertainty and frustration amongst those who have assets on-site, have booked shows or who have purchased tickets.”
“We are working as fast as we can to provide everyone with clear information on the next steps. We really appreciate everyone’s patience as we work through this complex situation.”
The popular venue has hosted events for more than 160 years, and recently held two key hospitality ventures, Fine Food New Zealand and MEETINGS 2021.
Business Events Industry Aotearoa (BEIA), the organisers of MEETINGS 2021, told Hospitality Business it is committed to working with the Cornwall Park Trust in helping to keep the venue operating.
BEIA Chief Executive, Lisa Hopkins says the ASB Showgrounds are a very important part of the event infrastructure in Auckland, and a cornerstone of the exhibition and trade show event scene.
“BEIA has had a long and deep history with ASB Showgrounds, and last month we held our two-day MEETINGS trade show there, which had been cancelled in 2020.
“The past 15 months has been a challenging time for the venue, with lockdowns and event restrictions,” she says.
The MEETINGS 2021 show hosted 50 Australian event planners and buyers along with New Zealand industry professionals, preparing for major conferences and events to attract the tourism dollar back to New Zealand.
The venue was also due to host the Auckland Food Show, Home Show and Baby Show in coming weeks, as well as several concerts in its auditorium, called the Logan Campbell Centre.
The only profit for the 8 hectare Cornwall Park showgrounds is from shows, events and concerts. As of March 2021, the venue had lost four major events, including the Home Show and the Royal Easter Show.
In 2020, 14 major events were cancelled due to the pandemic, plus 11 smaller shows and concerts.
The Liquidators Initial Report will be emailed to all known creditors on Tuesday, 29 June 2021 and will be available at this link on Tuesday.
The liquidator has set up a dedicated e-mail address and anyone with queries can e-mail the liquidator at showgrounds@rodgersreidy.co.nz
Pursuant to Section 14 of the Agricultural and Pastoral Societies Act 1908 and Section 241(2)(a) of the Companies Act 1993, the Board was placed into liquidation on 22 June 2021 by a majority of the valid votes cast by members of the Board.
