The stock exchange regulator has taken the unusual step of suspending trading in a listed company after most of its board resigned en-masse.
Three independent directors of QEX Logistics, which freights online purchases to China, resigned after the company failed to meet debt repayments.
Conor English, Danny Chan and Martin MacDonald resigned as directors, effective immediately, because of "differences" with Ronnie Xue, the company's majority shareholder, chief executive and now sole remaining director.
The company said a subsidiary, New Y Trading, had breached the conditions of its banking arrangements with Westpac, which was not taking any action at this stage.
"New Y Trading will continue to take steps to improve its trading position to rectify its interest cover levels," QEX said in a statement to the NZX.
It said it was also moving quickly to replace the directors who have resigned.
However, the regulator said the resignation of the directors meant QEX did not meet listing rules covering the makeup of a board.
"RegCo considers that a suspension is in the best interests of the market, given the intent and objectives of the relevant corporate governance provisions."
QEX was hit by a $4.3 million loss of stock from a bonded warehouse in Shanghai, which was unlikely to be covered by insurance.