New Zealand’s Ticket Rocket liquidated with debts of almost $10 million

The final liquidation report into the failed Fortress Information Systems Limited - which traded as Ticket Rocket and previously as Ticket Direct - has been released, showing that creditors are owed close to $10 million.

With receivers first appointed to the Dunedin-based company in August 2020, liquidators were then appointed in October of that year. After unsuccessful attempts to sell the business, it ceased trading on 30th November 2020.

The receivership was completed in May, with control of the company handed back to the liquidator.

Their final report reveals the company’s debt to the Bank of New Zealand was $5,124,195.17, with $4.81 million remaining outstanding.

Preferential claims totalling $8,886.63 of court costs awarded to two creditors that petitioned for the company to be liquidated were not paid, nor was the $25,000 owed to former employees.

Inland Revenue, which was owed $512,163.97 in GST and PAYE arrears, also received no payments.

In addition unsecured creditors, which total $4,569,415.87, were also out of pocket.

The company’s sole director, Matthew Davey was adjudicated bankrupt on 31st May 2023 by the Christchurch High Court as a result of a creditor application, and he was also adjudicated bankrupt in Australia a month later.

The report noted “accordingly there would be no economic benefit in investigating any further actions related to Mr Davey, including investigations as to whether any breaches of directors duties may have occurred.
Last year media reports indicated that Davey, a Canadian was living in a ‘luxury’ Sydney apartment.

Last month it was also revealed that he was involved in a start-up transatlantic airline, Global Airlines.

In a statement reported by New Zealand website Stuff, he advised that he had ceased any association with Fortress in 2020, commenting “I am deeply saddened that Fortress was unable to make good on its debts to its creditors”.

A 2023 High Court decision noted that Davey effectively elected to shift the risk of loss onto the bank, despite him knowing there was no prospect of that amount being repaid.

The company will now be removed from the New Zealand Companies register.

Images: A promotional Ticket Direct pen (top) and Matt Davey, former owner of Fortress Information Systems Limited (below).