Sidart liquidators said that creditors have lost over NZD 1 million now that the company has officially been liquidated after closing last year.
Following the closure of prolific Ponsonby restaurant Sidart in October last year, creditors now claim that they have lost more than NZD 1 million in the wind-up of the company.
According to a final liquidator’s report, liquidators Jared Booth and Tony Maginness of Baker Tilly Staples Rodway highlighted cashflow difficulties as the main reason Sidart closed. The final report determined that the liquidation was now complete.
“All known assets have been disclaimed or realised, or distributed without realisation, and all proceeds of realisation have been distributed.”
The report outlined that no monetary distributions were made to any class of creditor during the liquidation process. Preferential creditors also missed out on roughly NZD 145,315, including a claim of NZD 144,708 from Inland Revenue. The liquidators realised just over NZD 3000 during the process.
Opened by Auckland hospitality veterans Sid and Chand Sahrawat in 2009, Sidart grew from strength to strength in its 16-year history. The Sahrawats sold the restaurant to Executive Chef Lesley Chandra in 2021.
Chandra said several factors contributed to the closure of Sidart. Staff had also remained a big challenge, having moved from a kitchen with six chefs to only two remaining in the end.
At the time of closure, Chandra said that the restaurant had tried its best to mitigate some of the pressures, but ultimately, it had become too much. Near the end of its run, Chandra had tried to introduce new styles and cuisines on the menu, such as Italian. He said that unfortunately made no difference.
In a public statement last year, Chandra said closing the restaurant was a very difficult decision.
“This decision was not made lightly, and we are deeply grateful for the support, memories, and experiences we’ve shared with each of you over the years,” it read.
“To our amazing guests, thank you for your continued patronage, your smiles, and the many conversations that turned into lasting memories. It has been an honour to serve you.”
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