According to Nacey and Fisk’s first report, released on Friday, the companies’ shareholders made the decision to appoint liquidators following ongoing cash flow pressure experienced by the companies.
The cash flow pressure is described as a result of a substantial customer contract not completing, together with challenging industry-wide trading conditions.
Nacey and Fisk have identified several assets owned by the companies, the largest being land owned by Hawke’s Bay Wine Investments which is leased to Te Awanga Estate, together with an 11.25% shareholding in BLK Vinters.
The liquidators are undertaking investigations and preliminary steps in relation to the potential realisation of these assets.
Te Awanga Estate’s vineyard and…