Christchurch-registered renewable fuel company NXT Fuels has folded owing nearly $3.5 million after shareholders refused to prop up another loss.
The company was formed in October 2005, developing projects converting initially algae and then biomass feed stocks into bio-energy and carbon efficient products.
Shareholders who had supported the company to continue operating finally had enough and brought in RC Restructuring insolvency practitioner Rhys Cain as a liquidator on June 16.
He released an initial liquidation report to creditors and shareholders on June 24.
Mr Cain said investment activity was wound down over the last few years and its only asset by the start of this year was an investment and funds held in its bank…