Inland Revenue had Auckland property company NSTK Investments Ltd, owned by Navjot Singh Sidhu and Tanvir Kaur, restored to the Companies Register after being wound up with a replacement liquidator then appointed to find out why a $206,100 GST debt was not paid by NSTK when the company was sufficiently financial to transfer $1.17 million to shareholders and a shareholder company just prior to liquidation.
NSTK changed its name from Khanda Developments Ltd, just prior to shareholders putting it into liquidation in October 2019. Auckland-based Craig Young was appointed liquidator. The liquidation was wrapped up six months later, with no indication of any investigation into the company and with creditors receiving no payment.
The High Court restored NSTK Investments to the companies register on Inland Revenue’s request, returning NSTK’s status to that of a company in liquidation. Mr Young told the court he would resign as liquidator. Insolvency specialists from KPMG have been appointed liquidators.
Inland Revenue v. NSTK Investments Ltd – High Court (12.03.21)
21.049