Rainbow Corner owes creditors nearly $20m, PwC's first report says

The East Tamaki centre PwC is getting valued. (Image: Google Maps)

Mon, 22 May 2023

Embattled early childhood education business Rainbow Corner Group owes its creditors close to $20 million, PwC’s first receiver report says.Just over $7.6m of that is owed to the tax department.However, the Australian-based receivers appointed by Bizcap, which was owed just over $80,000, have already retired saying there were “insufficient assets” to pay back the second-tier lender.The group consisted of 13 Rainbow Corner early childhood education (ECE) centres across the country, a network of in-home-based childcare providers...

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