Solar Group in liquidation: Kiwibank among creditors owed more than $3 million
The first liquidator's report said Kiwibank holds a General Security Agreement – granting it security interest over the borrower's assets – and is owed $1.8m.
Kiwibank had engaged Ruscoe and Keen to review the financial performance and viability of Solar Group in December last year, the report said.
That review was extended in February to include the company's forecast performance and cash flow.
Ruscoe and Keen said they were aware of nine potential employee claims.
So far, they had received four employee claims totalling $102,336, including outstanding wages, commissions and holiday pay.
Inland Revenue is owed approximately $933,675, with a significant portion expected to be preferential.
There are also 118 unsecured creditors, which are owed $1,059,434.
Creditors include ACC, Fuji Xerox, Meridian Energy, the Ministry for Primary Industries, NZ Couriers and Spark NZ.
According to a statement of affairs, Solar Group has estimated assets of $2.5m, which is largely made up of intangible assets of $1.2m.
The company has stock on hand with an estimated worth of $524,136.
Ruscoe and Keen said it is unknown is any funds will be available to make payment to creditors.
Solar Group is also a party in the disputes tribunal and district courts.
Behind the ball
Last year, Solar Group managing director Roeland Driessen told the Herald that solar uptake in New Zealand was slow compared to the rest of the world.
'The number of connections is about 3% solar,' Driessen said. 'In other countries like Australia, the United States, it's 30-40%. So we are way behind [the] ball.'
Cost was one of the biggest issues. A solar system for the average New Zealand home comes with a price tag of about $25,000.
In November last year, SolarZero was placed into voluntary liquidation owing more than $40m to over 700 creditors and staff.
The company had 169 staff at the time of liquidation and about 15,000 customers.
Cameron Smith is an Auckland-based business reporter with the Herald live news team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace, and macro-economics.
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