SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Why did EnergySmart Ltd – a registered charity – go bust?

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Hutt Mana Charitable Trust [a registered charity with the Charities Commission] could end up losing $2.5 million over the liquidation of EnergySmart [Ltd] and the sale of its [Lower Hutt] Railway Ave building.

A preliminary creditors’ report by liquidators Shephard Dunphy records an estimated shortfall of assets over liabilities of $1.63 million.

The creditors’ list runs to more than three pages.

Questions are being asked why a company with 11 per cent of the insulation and energy efficiency retro-fitting market under the Government’s Warm Up NZ subsidy scheme, and with tax-free charitable status, went bust.

http://www.stuff.co.nz/dominion-post/news/local-papers/hutt-news/5763872/Why-did-EnergySmart-go-bust  Hutt News 11 October 2011 [Read more…]

Why did a Hutt Mana Charitable Trust-owned company go bust?

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Investment Proves far from smart – Hutt News – 11 October 2011 

EDITOR’S VIEW: Local people deserve answers on why a Hutt Mana Charitable Trust-owned company with a good market share and tax advantage went bust.

According to liquidators, EnergySmart’s assets won’t cover an estimated $1.63 million in liabilities.

There’s a three-page list of creditors, and likely to be the end of that line is the trust, which chairman Ian Hutchings admits might have to wave goodbye to the thick end of $2m.

ttp://www.stuff.co.nz/dominion-post/news/local-papers/hutt-news/5763871/Investment-proves-far-from-smart [Read more…]