winning Toa Architects owes $1.03m, founder Nicholas Dalton plans to start again
Auckland-based TOA Architects has entered liquidation with over $1 million in debt, including significant amounts owed to the Inland Revenue. The founder, Nicholas Dalton, intends to start a new business and is currently negotiating the purchase of the liquidated company's assets.
Why it matters
The collapse of a prominent architectural firm highlights the financial risks faced by small businesses and the complexities of insolvency proceedings.
Reminder, this is a Premium article and requires a subscription to read.
Multi-award-winning Auckland practice TOA Architects owes creditors about $1.03 million, while founder Nicholas Dalton plans to start a new business.
New Zealand Insolvency and Trustee Service’s report out today shows Inland Revenue is owed $811,597, unsecured creditors $186,000 and employees $30,100.
The liquidator identified $10,000 cash in the bank and a $234,866 overdrawn current account.
Inland Revenue applied to liquidate Tāmaki Makaurau Office Architecture, trading as Toa Architects, which designed the much-awarded Te Taumata o Kupe in Pt Chevalier.
Liquidation was on July 30, with the Official Assignee appointed.
Director Nicholas Lee Dalton said trading stopped immediately and all employees were let go.
“During the interview, the director stated that he intends to start a new entity and he would like to purchase the company’s assets, tangible and intangible,” the report says.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in