Receivers and Managers appointed to Hastie Holdings (NZ) Limited

New Zealand operating business not in receivership

Hastie Holdings (NZ) Limited (“HHNZL”), the non-operating parent company of Aquaheat Industries Ltd, Hastie New Zealand Ltd and Hastie Services Ltd has today been placed in receivership with Andrew Grenfell and William Black, both partners of McGrathNicol, appointed Receivers and Managers.

The individual New Zealand business units, Aquaheat Industries Ltd, Hastie New Zealand Ltd and Hastie Services Ltd are not in receivership and continue to be operated by their existing directors and management team on a business as usual basis.

The appointment of Receivers follows Hastie Group Limited, the Australian parent company, appointing Voluntary Administrators to the group’s entities, excluding the New Zealand entities. Following the appointment of Voluntary Administrators in Australia, McGrathNicol were appointed as Receivers to a number of specific entities within the group, including HHNZL, which is a non-operating company with no employees.