Creditors to vote on Vac Group NZ’s future

Creditors to vote on Vac Group NZ’s future
A Vac-U-Digga NZ truck. (Image: Vac-U-Digga)
Riley Kennedy
The administrators of the New Zealand arm of an Australian civil contractor are giving creditors the chance to vote on its future early in the new year.However, its future may already be certain with the receivers selling its assets just before Christmas.On Dec 4, the board of Vac-U-Digga NZ and Beacos NZ, which are both owned by Australian-based Vac Group Holdings, placed the companies into voluntary administration. Cor Cordis’ Michael Billingsley and Neil Cussen were appointed administrators.A day later, the group’s major creditor...

More Finance

Willis can do more to fix banking competition
Finance

Andrew Body: Willis can do more to fix banking competition

A competitive banking system needs more than lower capital adequacy ratios.

Andrew Body 02 Apr 2025
Credit card issuers fear ComCom proposals
Finance

Credit card issuers fear ComCom proposals

The proposed regulations will stifle banking competition, says Mastercard.

Pattrick Smellie 02 Apr 2025
RBNZ signals U-turn on bank capital requirements
Finance

RBNZ signals U-turn on bank capital requirements

A major shift at RBNZ's first public outing since Adrian Orr's sudden departure.

Pattrick Smellie 31 Mar 2025
Grenon seeks to end ‘futile’ NZME board stoush
Finance

Grenon seeks to end ‘futile’ NZME board stoush

It's time for the current board to fold 'em, says coup orchestrator. 

Pattrick Smellie 26 Mar 2025