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The University of Auckland’s campus bookshop will close after going into liquidation last week, with creditors and staff owed almost $1 million.

UBIQ is an independently owned and operated bookstore which is an official supplier of textbooks for the university.

The store is expected to remain open for the start of semester two until Sunday August, 31.

“The University is working closely with the UBIQ liquidator with a view to minimising disruptions for staff and students,” the university said in a statement on its website.

Rachel Mason-Thomas and Jeff Meltzer of insolvency firm Meltzer Mason were appointed as liquidators of UBIQ, which trades as University Bookshop Limited, on July 2.

In their first liquidator’s report, Mason-Thomas and Meltzer said directors had taken multiple reviews and restructures of the company’s business.

“However, since 2020 and Covid, the declining student population and adverse economic climate have contributed to difficult trading conditions.

“After careful consideration and taking professional advice, the directors have recommended to the shareholders that the appropriate decision is to place the company in liquidation.”

Companies Office records show Michael Ferrand, David Fulton, Christiana Malone and Michael Moynahan are directors of the company.

The company is owned by AUSA Investment Trust, a registered charity to support the Auckland University Students’ Association.

The liquidator’s said they are seeking a sale of the business as a preferred option for realising the company’s assets.

According to the liquidator’s report, UBIQ owes $154,919 in wages and holiday pay.

Inland Revenue is owed over $28,000 in GST and employee deductions.

Unsecured creditors, including trade creditors are owed $586,526, while holders of gift cards and credits are owed an estimated $150,000.

The liquidators said holders of gift cards and credits should contact them for a claim form for those amounts to be considered unsecured creditor claims.

Creditors include Westpac New Zealand, Auckland Transport, Cambridge University Press, Nationwide Book Distributors, Penguin Random House NZ and Scholastic NZ.

The liquidators report said UBIQ had assets of $496,021 cash at the bank. It also has stock on hand with a book value of $611,660 and fixed assets estimated at $142,096.

Around $99,946 is still to be collected from debtors.

The University of Auckland’s second semester begins on July 21.

Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.