30 July 2010

Last Post for Origin Pacific

Source : http://www.stuff.co.nz/business/industries/3961897/Creditors-get-nothing-as-Origin-saga-ends

The failed Origin Pacific Airways looks set to be wound up without any action being taken against it. Liquidator Wayne Deuchress told The Nelson Mail civil action could have been pursued, but the idea was put to creditors and none were interested in funding it. "The response was pretty much a nil result really." He declined to comment further. Origin Pacific collapsed in 2006, owing $21 million. More than 200 staff lost their jobs, and the so-called "trust account" for passenger funds contained just $91. Origin Pacific Airways was founded by Robert Inglis. He was a director and majority shareholder of the company. Former Nelson coroner Ian Smith was also a director and there were eight shareholders other than Mr Inglis at the time of the company's collapse. Christchurch accountant Murray Allott this month ceased his work as receiver for Origin Pacific. It appears the Inland Revenue Department and all unsecured creditors received nothing. Mike Pero, an Origin Pacific shareholder and creditor who said he lost about $3m in the company's collapse, believes it is unlikely civil action would have provided much return. "It would just be a waste of time, energy and money, I suppose. You learn from your experience and we won't go there again in a hurry." It was a "real shame" the airline hadn't succeeded, he said. "I still think it had huge potential and is something the regions could still do with, but nobody's game to take on Air New Zealand."

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