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Upper Hutt Leader : October 12th 2011
44 UPPER HUTT LEADER, OCTOBER 12, 2011 NEWS www.leaders.co.nz Nobody in the world sells more real estate than Each office independently owned and operated ® Leaders Licensed REA Act (2008) - 2514457DJ 32 Jade Cres, Emerald Hill, Upper Hutt Price By Negotiation This brand new property is set amongst an array of purpose built quality homes and we invite you to be a part of this friendly community environment. With a point of difference this property has its very own private usable bush sanctuary should you desire. Being well appointed to capture the sun this 4 bedroom offers functionality with a feeling of space and options to still add you own personality, creativity and flair to the surrounds.Features include; 4 bedrooms, 2 bathrooms, open plan living, heat pump, double glazing, underfloor heating, expol insulation, 2045m2 section with private usable bush backdrop, internal access garaging. BRAND NEW BEGININGS HOUSE OF THE WEEK Dawn Simmonds and George Pene GILLIES AND MARK REALTY LTD MREINZ Licensed Agent REAA 2008 Call DDI 527 2286 and 527 2838 Mobile 027 422 6001 and 027 500 7866 VIEW ON www.gilliesandmark.co.nz ID#UPP12586 Open Home Sunday 1.30-2.00 pm How did trust ES go bust? By SIMON EDWARDS Hutt Mana Charitable Trust could end up losing $2.5 million over the liquidation of EnergySmart and the sale of its Railway Ave building. A preliminary creditors report by liquidators Shephard Dunphy records an estimated shortfall of assets over liabilities of $1.63 million. The creditors list runs to more than three pages. Questions are being asked why a company with 11 per cent of the insulation and energy efficiency retro-fitting market under the Government s Warm Up NZ sub- sidy scheme, and with tax-free chari- table status, went bust. HMCT chairman Ian Hutchings told Hutt News on Friday that trustees will also be asking those questions in due course . We ll do some forensics on it but we have to wait for the liquidators to do their job. While the trust s ownership afforded EnergySmart and three associated companies charitable status, the company was expected to pay what it would have paid in tax as a dividend to the trust. But only two such dividends were paid over five years. EnergySmart, which has more than 70 staff in seven branches around New Zealand, is still trading while Shephard Dunphy look to sell it as a going concern. HMCT, which looks after investments of more than $35 million on behalf of people in the Hutt Valley, Porirua and North Wel- lington, bought EnergySmart for about $800,000 five years ago. It injected another $750,000 in 2009. We asked Mr Hutchings on Friday if there had been a subsequent capi- tal injection or guarantee of further funds. Mr Hutchings would not con- firm or deny this while the liquidator was still in preliminary stages assessing the company s finances. I don t want to make any com- ment on the company in that regard that may or may not contradict him. He said the potential loss for the trust is heading towards $2 million . Clearly the share capital is at risk and is probably gone, but who knows [whether EnergySmart can be sold]. HMCT paid $2 million for the EnergySmart building in Railway Ave. It was recently sold for $1.25m after another tenant moved out. Mr Hutchings said trustees took the advice of selling agents Baileys before selling the property. While there was no independent written valuation, the three tenders were all remarkably close . Whatever else HMCT may do in terms of its own future, it has filing with the Companies Office to tidy up.
October 5th 2011
October 19th 2011