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…]