Alotech gets what it wanted months ago, now unopposed
Hartner Construction Ltd was placed in liquidation in the High Court at Auckland this morning, a move unopposed by the company or its receivers.
The company was the high-profile head contractor for five of the six sheds on Princes Wharf, including the Hilton Hotel which is nearing completion but excluding the expensive apartments in shed 24 on the other side of the wharf at its far end.
The liquidation application was by the receivers and liquidators of Alotech Walls & Ceilings Ltd, on a claim for $1.3 million.
Alotech was trying to collect from Hartner, then to have it wound up, early last year but its claim was disputed. Hartner claimed that instead of Alotech being owed money by Hartner, Alotech owed Hartner money.
While Alotech’s lawyers were kept from pursuing liquidation at a hearing, Hartner went into receivership on 1 February, with John Waller and a team of accountants at PricewaterhouseCoopers placed in charge of the company’s assets by the National Bank, which was owed $8.5 million.
The timing of that appointment maximised the money available to pay the bank, and also maximised the amount coming in from subcontractors.
A liquidator has a wider interest than a receiver, whose task is to act in the interests of the secured creditor calling the receiver in.
The appointment of the official assignee in Auckland as liquidator today will date back to the time Alotech lodged its application last year, predating the receivership appointment in effect.
Hartner Construction in receivership
Hartner lqiuidation move under way