Licensed insolvency practitioner David Thomas, who was appointed to handle the liquidation, said PTSNZ failed in part because it wasn’t able to bridge a substantial financial gap following the loss of some anticipated contract work.
“They tried to finance the bridging, but it was just too much to keep all the blokes on,” David said.
“They were scratching around for work. And unfortunately, they got a bit gung ho, particularly with a woman’s house, and they would have stripped it all out, and then she’s got the stripped-out shell.
“And of course [PTSNZ] go into liquidation, so the [woman’s] got a stripped out shell, and she doesn’t have the funds to finish it, because I think she paid quite a bit.”
David said…