Hydroworks creditors face $12.6 mln shortfall, liquidators say

Fri, 10 Nov 2017

By Paul McBeth Nov. 10 (BusinessDesk) - Unpaid creditors of Hydroworks face a $12.6 million shortfall with the liquidators of the failed hydroelectric turbine maker finding the firm had little in the way of its own intellectual property. Interim liquidators were appointed to the Christchurch-based company in August by cornerstone shareholder Powerhouse Ventures after the board walked out. Liquidators David Webb and David Vance of Deloitte were later appointed in October and since then have been assessing the value of the business as they...

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