UBCO creditor claims remain above $33m in second liquidators’ report

Liquidators of collapsed electric motorcycle company UBCO are continuing investigations into the company’s prior trading and restructuring activities as creditor claims remain substantial.

The update is contained in the liquidators’ second report to creditors and shareholders, released on May 18.

The report from BDO Auckland covering UBCO Holdings Limited, UBCO Limited and UBCO Holdings Nominee Limited shows unsecured creditor claims against UBCO Limited total about $33.4 million, including $1.8m owed to trade creditors and $31.5m in related party liabilities.

UBCO entered receivership in January 2025 after failing to secure new capital despite previously announcing expansion plans and a major supply agreement with Australia Post.

At the time, receivers Stephen Keen and David Ruscoe said all employees had been terminated and trading had ceased due to a lack of available funding.

Former chief executive Oliver Hutaff had said in August 2024 the company had sold more than 6000 bikes globally and was raising fresh capital, although the funding round did not proceed.

Founded in Tauranga and later based in Mount Maunganui, UBCO first gained attention with its electric utility bikes aimed at agricultural users before expanding into road-legal motorcycles and fleet management technology.

UBCO was later rescued from receivership in July 2025 by a consortium of investors including Sir Stephen Tindall’s K1W1 fund, Peter Goodfellow’s Avalon Asset Management, the Holdsworth family’s Evander Management, and former major shareholder Jubilee Investments.

The business resumed operations under a new entity called Utility Fleet Vehicles with a revised strategy focused on fleet sales and defence applications.

According to the latest liquidators’ report, UBCO Limited had book assets of about $5.5m, including stock valued at $1.4m, accounts receivable and prepayments of $1.1m, and investments in subsidiaries worth $3m, although estimated recoveries remain unknown.

UBCO Holdings Limited separately listed trade debtors of $580,000 and unsecured liabilities of about $1.2m and total liabilities of $2.06m.

Liquidators say they have continued reviewing outstanding debtors, liaising with the company’s receivers and communicating with liquidators of UBCO’s European subsidiary regarding potential recoveries.

The report says it is not yet possible to estimate when the liquidations will be completed.