11 October 2021
Business affairs between IBC Japan Ltd (“IBC”) and Autoterminal New Zealand (in liquidation) (“Autoterminal”).
After 3 years of litigation in NZ High Court, IBC received a judgment in July 2021 for approximately $38.5m payable by Autoterminal immediately. Autoterminal then failed to pay IBC the judgment sum and was put into liquidation on September 11 with IBC being the largest creditor (98%).
Apart from collecting payment due, our greatest concern now is how to protect and support customers buying from Autoterminal so they could continue trading. Accordingly, we are pleased to announce that IBC has now purchased all trade receivables (“AR”), inventory and assets of Autoterminal from the liquidators as a going concern (excluding liabilities) and the business will now be operated by IBC’s subsidiary in New Zealand named ATNZ 2000 Limited (“ATNZ 2000”).
The purchase of AR from Autoterminal liquidators means that all amounts payable by car dealers to Autoterminal will now be legally assigned and payable to ATNZ 2000. ATNZ 2000 will also assume all rights and obligations under trading terms agreed between Autoterminal and its customers and we aim to bring the trading relationship to a new level with IBC’s 30 year experience in the used vehicle trading industry and with our advanced technology infrastructure.
ATNZ 2000 will be managed by Paul Carruthers covering North Island market and Glenn Keatley covering South Island market. Both Paul and Glenn previously worked for Autoterminal and are well aware of the business model. We have no doubt they will take good care of our customers given their work passion and vast experience in the car industry.
We have set up a new trading account for all Autoterminal customers on ATNZ 2000/IBC system, with the same rate/term with what they have with Autoterminal, and we will email customers separately with an assigned Account Manager to look after each customer.
Our accounts team will be following up with customers on invoicing as well as document security release process moving forward. We will try our best to work on a smooth transition for customers but would ask for customers’ understanding of any inconvenience caused while we implement new systems during this period.
IBC is now placed better than ever to assist importers especially with the support by our subsidiary, ATNZ 2000 Ltd and our whole team is fully committed to continue striving every day to bring a better vehicle purchasing service and experience to car importers in New Zealand.
IBC Auto / ATNZ 2000
North Island: Paul Carruthers [PCarruthers@ibcauto.com] [027 526 1131]
South Island: Glenn Keatley [GKeatley@ibcauto.com] [027 229 2061]