NZAM fails to find a buyer, heads to liquidation

NZAM fails to find a buyer, heads to liquidation

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New Zealand: NZ Aerial Mapping (NZAM), a company that has handled several aerial mapping projects on New Zealand for around eight decades recently went in liquidation after receivers could not find a buyer.

The decision to put NZAM in receivership was taken after the company ran out of cash, with $1.5 million in payments outstanding from contracts in Saudi Arabia. John Fisk and Colin McCloy, of PricewaterhouseCoopers, were appointed joint receivers of NZ Aerial Mapping on 2 July 2014 under the terms of a security agreement dated the 12 day of May 2005.

Receiver Fisk, of Price WaterhouseCoopers, told media that hopes of finding a buyer had been dashed, and staff was advised that trading would cease once existing work had been completed. Fifteen of the Hastings-based company's 22 staff have been made redundant. The remaining seven have been kept on to complete work and assist with the sale.

The Hastings-based company was formed in 1936 and is considered a leader in aerial photography throughout the country and abroad. In 2010, it was contracted by the governments of Saudi Arabia and Kuwait to accurately mark out and map their shared border. However, a failure in collecting the payment further worsened the already deteriorating financial health of the company.

Source: Insolvency Watch