UFL Group furniture firm in liquidation with debts of $1.58m
UFL Group, founded in 1968 by Raymond Reesby, supplied high-quality commercial furniture from global designers. Photo / Instagram
A New Zealand supplier of designer commercial furniture has gone into liquidation after 58 years in operation, with liquidators listing $1.58 million in unsecured creditor claims.
UFL Group was founded in 1968 by Raymond Reesby under the name Nova Interiors and was an early provider of modernist furniture, with pieces designed by Florence Knoll, Harry Bertoia, and Eero Saarinen.
A distribution agreement with US furniture company Knoll International was a milestone for the company, before it played a role in the growing adoption of open-plan office layouts in New Zealand, supplying modular systems such as Knoll’s Stephens System.
One of the business’s most famous productions was a moulded plywood chair designed by Michael Payne, along with a reproduction of Charles & Ray Eames‘ namesake lounge chair.
The business restructured in 1986 and renamed itself as UFL Group.
UFL Group has since worked on spaces including Jarden House Lobby in Commercial Bay, and the Taranaki Base Hospital Renal Unit, according to its website.
UFL Group (under the business name Weather Clearing) was placed into liquidation on April 8, 2026, by a special resolution of its shareholders.
PKF Corporate Recovery & Insolvency’s Christopher McCullagh and Stephen Lawrence were appointed joint liquidators.
The company had two shareholders according to the New Zealand Companies Office, UFL Holdings (which held near 100%) and the company’s sole director, Madeleine Reesby, the wife of Raymond.
According to the liquidators’ first report, the company operated from a rented premises in Auckland’s Avondale.
Based on conversations with the director Reesby, the liquidators said the company experienced a decline in sales as a result of the prevailing economic conditions, resulting in insufficient revenue to cover its overheads.
As a result, shareholders elected to place the company into liquidation to conduct its orderly wind-up.
A spokesperson for the company said UFL Group Limited had been placed into voluntary liquidation as part of a process to wind down legacy operations.
“UFL Group Limited has had a long and proud history, contributing to incredible projects over the years. We are grateful to the many clients, suppliers, and partners who have supported the business throughout this journey.
“UFL International Limited, focused on airport and mass transit seating solutions, continues to trade strongly and remains committed to delivering solutions for its valued customers.”
Two parties have registered security interests over the company, Shann NZ and Securities Administration 2016.
Securities Administration 2016 has a general security agreement (GSA) over the company’s fixed assets, of which the value was withheld, and the company’s intellectual property valued at $305,000.
The company does have an assigned commercial loan due to Securities Administration 2016 of $50,180.
As for assets available for preferential creditors, $42,016 is listed by liquidators, including accounts receivable and deposits paid to suppliers. An amount of stock is also held for preferential creditors, although the value has been withheld.
Preferential creditor claims include $14,589 owed to employees for salary and holiday pay, with another $51,790 owed to the Inland Revenue Department (IRD), totalling $66,379.
The liquidators’ report lists $1,580,826 in unsecured creditor claims. That includes $270,712 in accounts payable, $25,412 owed to employees for salary and pay in lieu of notice, and $144,849 in prepayments from customers.
The largest unsecured claim category is loans from related parties, with liquidators identifying $1,139,853 owed. Based on the report’s figures, excluding related-party loans, unsecured creditor claims total $440,973.
The company has 60 listed creditors, including the Accident Compensation Corporation (ACC), the Ministry of Primary Industries, New Zealand Customs, One New Zealand, Z Energy and several corporate and furniture-related clients.
McCullagh and Lawrence gave a tentative completion date of December 2026 for the liquidation, although they noted it was rare for liquidations to be completed within six months.
The company posted on its Instagram page in March advertising an extensive warehouse sale prior to liquidation.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
- Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.