Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland Chamber of Commerce On Qantas

It is not just the passengers and staff who have lost out from the collapse of Tasman Pacific (Qantas), but also the many suppliers who have continued to provide a service in “good faith”.

Michael Barnett, Chief Executive of the Auckland Chamber of Commerce, said that he hoped Tasman Pacific’s shareholders personally looked at their options to pay some of the debts faced by long term suppliers.

“Shareholders and their management would have known for some time that the receivership was coming and that there were many suppliers of goods and services who were keeping the business alive - in good faith and without the information that management and shareholders had.

“Those suppliers are now facing the prospect of personal hardship because they believed in the good name and integrity of the shareholders,” said Mr Barnett.

“It doesn’t sit well with me that Tasman’s shareholders can go into receivership and virtually protect their own situations, while vulnerable suppliers are left to hang out to dry. “

I note Australian reports that two shareholders at least offered to buy back debt from Wellington Airport, but other shareholders rejected the offer.

There is an ethical issue here, and it should be looked at as part of ensuring that those suppliers who have personally suffered can get some justice out of what the Tasman Pacific shareholders have inflicted.

For more information contact: Michael Barnett, Ph: (09) 309-6100 or 021 631 150


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news