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.<\/p>\n
The only known debt listed was more than $1.06m to Inland Revenue (IRD).<\/p>\n
The Bank of New Zealand and the site\u2019s landowner, Pukaahu Domain Wh\u0101nau Trust, were among a handful of other known creditors.<\/p>\n
Liquidators expected further claims to emerge. It was unclear whether creditors would be repaid, the report said.<\/p>\n
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.<\/p>\n
Waterstone Insolvency Wellington manager Bede Henderson<\/p>\n
Henderson said a public going-concern sale was not viable given the \u201cunique and complex\u201d nature of the liquidation. <\/p>\n
\u201cIt sat at the intersection of Te Ture Whenua M\u0101ori Act and the insolvency regime.\u201d<\/p>\n
He said a confidential agreement was reached with the landowner and the site had been transitioned to them.<\/p>\n
\u201cWe have achieved a strong recovery and have delivered unrestricted access to the whenua for tangata whenua. It\u2019s a result that we\u2019re very pleased with.\u201d<\/p>\n
Henderson said Covid\u201119 had a sustained impact on trading conditions.<\/p>\n
These included uneven post\u2011pandemic tourism recovery in some regions, inflationary pressures, labour constraints, and rising operating and compliance costs.<\/p>\n
\u201cThe decision to enter liquidation was made as the appropriate mechanism to achieve an orderly and value-preserving outcome for stakeholders.\u201d<\/p>\n
People relaxing in the Awakeri Hot Springs in 2006. Photo \/ NZME<\/p>\n
Pukaahu Wh\u0101nau Domain Trust trustee Enid Ratahi-Pryor said the landowner\u2019s immediate focus was on undertaking cultural processes to reconnect wh\u0101nau with the whenua.<\/p>\n
The business was established on a perpetual lease after the Pukaahu Springs were taken under the Public Works Act.<\/p>\n
She said the trust did not consider buying the business and was unaware whether any other Ng\u0101ti Awa iwi entities had considered it.<\/p>\n
The site facilities faced significant maintenance, compliance and consent challenges.<\/p>\n
She said there was an opportunity to explore new options for the site, with all business and economic possibilities still open.<\/p>\n
The trust understood the community\u2019s interest, and she was sure public access to the springs would feature in future plans.<\/p>\n
She said the liquidation unfolded quickly and ended positively.<\/p>\n
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.<\/p>\n
The hot pools and holiday park, pictured in 2017, have been a fixture for generations of families. Photo \/ NZME<\/p>\n
\u201cI can\u2019t do any more. I\u2019ve put my heart and soul in there.\u201d<\/p>\n
He said the process caused significant stress, particularly in the early stages when the business operated without Eftpos for several weeks. <\/p>\n
\u201cIt was a bit of a circus.\u201d<\/p>\n
Fewer holidaymakers and younger generations came through the region these days, he said.<\/p>\n
He was hopeful that creditors would eventually recover what they were owed, but said he had little insight into the liquidation process.<\/p>\n
\u201cI know what it\u2019s worth, and I know what in the past has been offered, and it would cover debts, but that\u2019s been in the past now.\u201d<\/p>\n
There was also a sense of relief in stepping away and into retirement for him and his wife, Fiona.<\/p>\n
\u201cWe weren\u2019t going anywhere long term \u2026 so it\u2019s time I got out. I\u2019m lucky I\u2019m still active, I\u2019ve got a bit of life in me, and I want to go and enjoy things.\u201d<\/p>\n
He said he had been touched by the community\u2019s response, with people stopping him in the street to share memories from the springs.<\/p>\n
The business\u2019 Facebook post announcing the closure and the Haigs\u2019 retirement attracted hundreds of comments, many sharing memories of visiting the hot pools over the decades.<\/p>\n
Whakat\u0101ne District Council Rangi\u0101iki general ward councillor Wilson James said the pools had long been popular with locals and visitors.<\/p>\n
He described the closure as \u201cvery sad\u201d for the Eastern Bay, but remained optimistic the site would be rejuvenated.<\/p>\n
\u201cIt was an icon, and it will be an icon in the future.\u201d<\/p>\n
The pools had recently reopened after April\u2019s Cyclone Vaianu<\/a> caused damage and forced a two\u2011week closure<\/a>.<\/p>\n