Sharechat Logo

Contractors push for liquidation of Pike River company

Thursday 14th April 2011 1 Comment

Text too small?

A group of creditors of Pike River Coal are pushing to turn the receivership of the company into a liquidation process.

A group of 43 unsecured creditors owed almost $5 million are pushing for liquidation in the hope that things will happen faster, and the Government may have options as Pike's access agreement to government-administered land will end.

The group intends to commence the liquidation process this week. Although the receiver will continue to control the disposition of assets, a liquidator will be able to review all payments the receivers have made and are proposing to make.

"It is distasteful the way things have dragged on and liquidation may mean the process speeds up," said the group's spokesman, Peter Haddock. "It also will be an opportunity for an outside review of the receivers' actions."

An explosion at the mine last November killed 29 workers and ended a business venture that was just starting to produce coal after years of setbacks. Receivers were appointed in December.

Receivers can keep a company trading and they act for those who appointed them. In a liquidation a company is wound up and there is a priority order to the payment of creditors.



  General Finance Advertising    

Comments from our readers

On 14 April 2011 at 10:45 am Pike investor said:
Lets shaft all the share some more. I have lost enough money but no one cares about that.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto