Hurlstone Group of Companies
Background Information:
On 13 July 2011, Peter Gothard and Ryan Eagle were appointed Receivers and Managers of the following Companies pursuant to the provisions contained in a general security agreement granted by the Companies in favour of GE Finance and Insurance:
| Company | NZ Company Number |
|---|
| Hurlstone Earthmoving Limited |
172550 |
| Hayes Earthmoving Services Limited |
533651 |
| New Zealand Pollution Engineering Limited |
1700434 |
| River Island Shingle Company Limited |
173547 |
Current Status and Actions Required by Creditors:
Following an assessment of the viability of the Companies' operations, the Receivers and Managers decided to cease trading effective from 13 July 2011.
The majority of the plant and equipment subject to non-circulating security interests has now been realised at an auction on 28 and 29 September 2011.
Mr David Petterson, of Forensic Accounting Services Limited (“FASC”), was appointed as the Liquidator to Hurlstone Earthmoving Limited (In Receivership & Liquidation) (“HEL”) on 9 September 2011. On 26 September 2011, shareholders of River Island Shingle Company Limited (In Receivership & Liquidation) (“RISC”), Hayes Earthmoving Limited (In Receivership and Liquidation) (“Hayes”) and New Zealand Pollution Engineering Limited (In Receivership and Liquidation) (“NZPE”) resolved to appoint Mr Petterson as Liquidator to those entities.
On 21 December 2011 court orders were granted to enable the Receivers to distribute proceeds of accounts receivable and inventory to the Liquidator. Proceeds of accounts receivable and inventory constitute amounts properly payable to preferential creditors (being employees and the New Zealand Inland Revenue (“IRD”)). The Receivers made the specified distribution to the Liquidator on 23 December 2011. The Liquidator will now be responsible for distributions to preferential creditors (employees and the IRD) and any queries should be directed to Mr Petterson.
Mr Petterson's details are:
Mr David Petterson
Forensic Accounting Services Limited
PO Box 1003
Levin 5540
Email: david@fasl.co.nz
Phone: + 64 (6) 367 8044