Waimea Contract Carriers Limited in voluntary administration

Monday 30 March 2015

News release

Waimea Contract Carriers Limited in voluntary administration

John Fisk and Richard Longman, Partners of PwC, today have been appointed Administrators of Waimea Contract Carriers Limited, a log transport business operating in Nelson and Marlborough. The business is now in voluntary administration.

It is the intention of the Administrators for Waimea Contract Carriers to continue to trade as usual, while they assess the options available to rehabilitate the business.

Administrator John Fisk says, “The company’s Directors made the difficult decision to put the company into voluntary administration due to cash flow pressure that has resulted from adverse trading conditions. The administration places a moratorium on creditors from taking any action.

“The administrators will seek to work with the company’s clients to continue to support their forestry activities. During the moratorium period, we will be focused on developing a plan that, we hope, will result in returning the business to viability.”

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Notes to editors:
The process of ‘voluntary administration’ was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrators and the creditors work on the next steps with the aim to maximise the chances of the company, or as much as possible of the business, continuing in existence or if not possible, to result in a better return for the company’s creditors and shareholders.

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