{"id":197383,"date":"2025-12-23T02:49:07","date_gmt":"2025-12-23T02:49:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/197383\/"},"modified":"2025-12-23T02:49:07","modified_gmt":"2025-12-23T02:49:07","slug":"solarzero-collapse-liquidators-claw-back-2-7m-but-creditor-claims-two-trusts-owed-979m","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/197383\/","title":{"rendered":"SolarZero collapse: Liquidators claw back $2.7m but creditor claims two trusts owed $979m"},"content":{"rendered":"
Grant Thornton released its third report to shareholders and creditors of SolarZero and its associated companies yesterday. <\/p>\n
The liquidators noted that inventory held at seven sites across Christchurch, Wanaka, Hamilton and Auckland had now all been collected and sold via online auctions, realising a total of $1,023,966.<\/p>\n
Meanwhile, fixed assets had been sold for $41,102 and debtor collection had clawed back $9654, with further recovery actions underway.<\/p>\n
\u201cAs previously reported, a significant receivable balance on the SZL [SolarZero Ltd] balance sheet has been identified and the relevant party contacted. <\/p>\n
\u201cThe receivable is being challenged by the relevant party and the liquidators continue to assess legal recovery options.\u201d<\/p>\n
Revenue of $280,441 was earned during the period from a range of customers, including school contracts, while tax recoveries from the Government\u2019s research and development incentive tax credit brought in $1.226m.<\/p>\n
The liquidators said its asset realisation process was now complete with a partial distribution made to creditors, which was not included in the report as it was outside the reporting period.<\/p>\n
The sale of SolarZero\u2019s intellectual property, goodwill and brand had also been completed, while it had reached heads of terms to sell its four school contracts.<\/p>\n
The recovery of a range of intercompany loans within the group of companies totalling $25.37m was contingent on the sale of the SolarZero business and its assets.<\/p>\n
\u201cIt is not yet known if there will be recoveries from intercompany debts,\u201d the liquidators said.<\/p>\n
The Grant Thornton report noted a full investigation into the collapse of the group was still underway, looking at its trading performance, actions of directors and management and voidable and preferential transactions prior to liquidation.<\/p>\n
\u201cWe have now identified a number of possible claims. Should any creditor wish to provide funding, we welcome them to contact the liquidators and their staff to explore possible funding options.\u201d <\/p>\n
Creditor claims<\/p>\n
The liquidators initially identified 17 secured creditors but after contacting them, some had either removed their claims, uplifted their assets or reached a settlement.<\/p>\n
Three creditors with five security interests had filed claims totalling $2.9m.<\/p>\n
The Public Trust, as the trustee of two special purpose vehicles, had also filed claims totalling $979m, although the liquidators had yet to adjudicate those claims.<\/p>\n
\u201cThe claims are complex. The liquidators are yet to review, admit or determine them. The totals … are likely to include an element of double counting. Further work is ongoing on assessing the claims filed by Public Trust and updates will be provided in due course.\u201d <\/p>\n
The group employed 173 workers at the time of the liquidation who had preferential claims worth $1,796,880 for unpaid holiday pay.<\/p>\n
During the reporting period, $1,174,091 had been paid out to 165 workers in full settlement of their claims. <\/p>\n
But unsecured creditors \u2013 who rank at the bottom of the priority list for repayment \u2013 remain high, with 300 claims received so far totalling $23.97m.<\/p>\n
Money owed to liquidators<\/p>\n
The liquidators had been paid $51,517 during the reporting period but there was still $500,808 which had been billed for but not paid and a further $229k which was unbilled.<\/p>\n
NZ Green Investment Finance, a \u201cgreen investment bank\u201d created by the previous Government to fund environmentally-friendly businesses, had advanced $314,000 to cover liquidator fees and legal expenses.<\/p>\n
Before SolarZero went into liquidation, NZGIF made a $145m debt facility available to SolarZero, as well as facilitating $220m in credit lines from international private lenders First Sentier Investors, Natixis Investment Managers and Societe Generale.<\/p>\n
Of that $145m facility, $115m had been drawn down at the time of the liquidation.<\/p>\n