The Jucy group of car and motorhome rental companies from Australia and New Zealand owed $ 40.87 million to the ASB bank when the recipients were designated late last year.
The receivership documents said the group, which included Jucy Group, Jucy Rentals, Jucy Holdings and Jucy by Design, was hit hard by COVID-19-related border closures and travel restrictions.
At the time of its receivership in November, the group’s direct and guaranteed debt to ASB was approximately $ 40.87 million (NZ $ 44 million), and an unsecured creditor was owed $ 930,000 (NZ $ 1 million). New Zealand dollars).
As of May 2020, the group’s assets were valued at $ 18.58 million and most of them were sold to Polar Capital in November, when it bought a majority stake in Jucy’s New Zealand car and trailer rental operations. and Australia, leaving a deficit for the bank.
“It is unlikely that there will be funds available to distribute to the receivership’s unsecured creditors,” the recipients report said.
To preserve cash, Directors Tim and Dan Alpe had restructured the business in May 2020, putting it into hibernation, laying off staff and streamlining property and vehicle leases before attempting to raise capital for the group.
This process led to negotiations with Colin Neal’s Polar Capital, which purchased a majority stake in the Jucy Group’s rental businesses in New Zealand and Australia.
In addition to its rental cars and camper vans, the Jucy brand had short-stay tourist accommodations in Auckland, Wellington, Christchurch and Queenstown, cruised in Milford Sound, and operated in Australia and the United States.
The trustees said they continued to seek the realization of residual group assets that were not included in the sale.
In addition to the shock Jucy received from the pandemic, nearly 100 vehicles were stolen from a parking lot where they had been left unlocked in April, and 29 people were arrested for the thefts.
Victims of the Australian Retail Crisis
He also received a $ 464,400 grant from the New Zealand government rescue package for strategic tourism companies for his trips on Jucy Cruise.