Their first report said the business was affected by Covid-19, poor trading conditions and a lack of guest stays, which left the company unable to meet its debts.
The only known debt listed was more than $1.06m to Inland Revenue (IRD).
The Bank of New Zealand and the site’s landowner, Pukaahu Domain Whānau Trust, were among a handful of other known creditors.
Liquidators expected further claims to emerge. It was unclear whether creditors would be repaid, the report said.
Waterstone Insolvency Wellington manager Bede Henderson told NZME that it completed a thorough appraisal and kept the business operating for four months while attempting to sell it, before it closed.
Waterstone Insolvency Wellington manager Bede Henderson
Henderson said a public going-concern sale was not viable given the “unique and complex” nature of the liquidation.
“It sat at the intersection of Te Ture Whenua Māori Act and the insolvency regime.”
He said a confidential agreement was reached with the landowner and the site had been transitioned to them.
“We have achieved a strong recovery and have delivered unrestricted access to the whenua for tangata whenua. It’s a result that we’re very pleased with.”
Henderson said Covid‑19 had a sustained impact on trading conditions.
These included uneven post‑pandemic tourism recovery in some regions, inflationary pressures, labour constraints, and rising operating and compliance costs.
“The decision to enter liquidation was made as the appropriate mechanism to achieve an orderly and value-preserving outcome for stakeholders.”
People relaxing in the Awakeri Hot Springs in 2006. Photo / NZME
Pukaahu Whānau Domain Trust trustee Enid Ratahi-Pryor said the landowner’s immediate focus was on undertaking cultural processes to reconnect whānau with the whenua.
The business was established on a perpetual lease after the Pukaahu Springs were taken under the Public Works Act.
She said the trust did not consider buying the business and was unaware whether any other Ngāti Awa iwi entities had considered it.
The site facilities faced significant maintenance, compliance and consent challenges.
She said there was an opportunity to explore new options for the site, with all business and economic possibilities still open.
The trust understood the community’s interest, and she was sure public access to the springs would feature in future plans.
She said the liquidation unfolded quickly and ended positively.
Kevin Haig, who is in his early 80s and has been an owner and operator of the business since 2002, said liquidation was the only way out and was beyond his control.
The hot pools and holiday park, pictured in 2017, have been a fixture for generations of families. Photo / NZME
“I can’t do any more. I’ve put my heart and soul in there.”
He said the process caused significant stress, particularly in the early stages when the business operated without Eftpos for several weeks.
“It was a bit of a circus.”
Fewer holidaymakers and younger generations came through the region these days, he said.
He was hopeful that creditors would eventually recover what they were owed, but said he had little insight into the liquidation process.
“I know what it’s worth, and I know what in the past has been offered, and it would cover debts, but that’s been in the past now.”
There was also a sense of relief in stepping away and into retirement for him and his wife, Fiona.
“We weren’t going anywhere long term … so it’s time I got out. I’m lucky I’m still active, I’ve got a bit of life in me, and I want to go and enjoy things.”
He said he had been touched by the community’s response, with people stopping him in the street to share memories from the springs.
The business’ Facebook post announcing the closure and the Haigs’ retirement attracted hundreds of comments, many sharing memories of visiting the hot pools over the decades.
Whakatāne District Council Rangiāiki general ward councillor Wilson James said the pools had long been popular with locals and visitors.
He described the closure as “very sad” for the Eastern Bay, but remained optimistic the site would be rejuvenated.
“It was an icon, and it will be an icon in the future.”
The pools had recently reopened after April’s Cyclone Vaianu caused damage and forced a two‑week closure.
The campground was also the site of a fatal stabbing in August, after which a 25‑year‑old woman was charged with murder.
Zoe Blake is a multimedia journalist at the Bay of Plenty Times and Rotorua Daily Post.