Tuesday 30th July 2013
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Cynotech Holdings is being liquidated following a takeover by 1980s high-flyer Allan Hawkins.
Hawkins, the former head of Equiticorp which collapsed after the 1987 share-market crash, began winding down the listed company after taking control in 2010. Interim liquidators have now been appointed to the company by the Auckland High Court, following an application by Hawkins, the company said in a statement to the stock exchange.
Shares in Cynotech, which traded on the NZAX market, were halted on July 10 after the company said it had applied for liquidation after losing financial support from its major shareholder, which is controlled by interests linked to Hawkins.
Cynotech's subsidiaries, which include the distressed loan books of National Finance and Western Bay Finance, are for sale, the company said at the time.
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