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

 

Education Provider in Interim Liquidation

Education Provider in Interim Liquidation

Taratahi was yesterday placed in Interim Liquidation, at the request of its Board of Trustees, by the High Court.

Taratahi is a Private Training Establishment (PTE) and agricultural education provider in New Zealand. Taratahi employ 250 staff and this year has provided education to over 2500 students. Taratahi owns and manages 8 farms throughout the country.

David Ruscoe and Russell Moore of Grant Thornton have been appointed interim liquidators.

Taratahi is facing financial and operational pressures caused by declining student numbers resulting in a reduction in the funding it receives for its educational business. It invested heavily in student support and learning, while it actively reduced its other operating expenses. However, despite both government subsidies and cash flows from its farming operations, the costs of educating each student still exceeded the funding based on its operating model.

The Board considered the Interim Liquidation as the most responsible decision to protect the current and future position of its staff, students, creditors and other key stakeholders.

Chair Mavis Mullins says it is very distressing for the staff and Board of Taratahi which would have celebrated 100 years in 2019.

“Our main concerns are for our students, staff, animal welfare and our creditors and partners”.

Interim Liquidator David Ruscoe says ongoing assistance of the Taratahi Board and staff will help ease the process.

“We are working with the Board, management, TEC, NZQA, MSD, MPI and other agencies to provide the appropriate support for staff and students. Students will be contacted by Taratahi, the TEC and other providers and will be provided information about the options available to them for continuing their education.

“We understand that wages and salaries are up to date and funds are being received from livestock sales and Fonterra payments to keep the organisation running as per normal over the Christmas break”.

Key Facts
• 190 permanent staff, plus casual and contractors means 250 people work for the organisation.
• 3 Residential Campuses based in Wairarapa, Telford and Reporoa.
• Own 2 farms, leases 5 and manages 1.
• 10 non-residential campuses
• 2850 students in 2018
• 62,000 stock units

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Government: David McLean Appointed As KiwiRail Chair

David McLean has been appointed as Chair of KiwiRail Holdings Ltd, the Minister for State Owned Enterprises Dr David Clark and Minister of Finance Grant Robertson announced today... More>>


Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>