• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Contact us
• Site map
• Home

News Release

06 June 2001

Hartner Construction Limited
(In Receivership and In Liquidation)

The Securities Commission has decided not to recommend to the Minister of Commerce that Hartner Construction Limited (In Receivership and In Liquidation) ("Hartner Construction") be declared to be subject to statutory management. The Commission does not consider that the law about the appointment of statutory managers applies to Hartner Construction.

Statutory management is a measure of last resort. It applies:

• to a corporation that may be operating fraudulently or recklessly; or
• where it is desirable that the Corporations (Investigation & Management) Act 1989 should apply to preserve the interests of the corporation's shareholders or creditors or beneficiaries, or the public interest; and there is no other lawful way to protect those interests.

The Commission received written submissions from various individuals and organisations asking that the Commission recommend that Hartner Construction be placed in statutory management. The Commission met in Auckland on Thursday 31 May 2001 to hear from them personally. The Commission also met with the receiver of Hartner Construction, the Office of the Official Assignee as liquidator, and representatives of the Companies Office and the Serious Fraud Office.

Representatives from the Office of the Official Assignee and the Registrar of Companies have informed us that there are a number of matters in respect of Hartner Construction which they intend to investigate. These matters relate to concerns expressed by those making submissions to the Commission. The Commission expects this investigation to take place. It considers this desirable in the orderly administration of Hartner Construction.

Return to index