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A large creditor of failed Wellington construction company Armstrong Downes Commercial is trying to replace the liquidators with someone with “some teeth” to ensure subcontractors get paid, Stuff.nz reported. Armstrong Downes (ADC) shareholders had appointed David Ruscoe​​ and Russell Moore​​ from Grant Thornton as liquidators. However, Lower Hutt developer Kevin Melville, whose High St Holdings 2020 Ltd was a client, said he wanted to replace them with Damien Grant of Waterstone Insolvency as the new liquidator. ADC had two directors, Doile​ and Taylor​.
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Australia’s largest home building company Metricon Homes has announced that it is still in a strong position when confronted with reports about its insolvency. The company officials had a meeting with Victorian Treasurer Tim Pallas on May 19, and Metricon chief executive Peter Langfelder affirmed that everything was normal. “We’re always in contact with government,” he told reporters. “We had a fantastic engagement with them.
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A New Zealand wholefoods shop and education centre is facing an uncertain future. An email sent to customers from Wholegrain Organics on May 13 said the business was entering voluntary insolvency, and it would “review the business to see if there are possibilities to restructure,” Stuff.NZ reported. The email said that any orders in process or refunds due at the time of the notice would still be completed. The non-profit business has a shop, bread mill, distribution centre, cafe and a children’s workshop at its premises on the north side of The Square.
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New Zealand welcomed tourists from the U.S., Canada, Britain, Japan and more than 50 other countries for the first time in more than two years Monday after dropping most of its remaining pandemic border restrictions, the Associated Press reported. The country has long been renowned for its breathtaking scenery and adventure tourism offerings such as bungy jumping and skiing. Before the spread of COVID-19, more than 3 million tourists visited each year, accounting for 20% of New Zealand’s foreign income and more than 5% of the overall economy.
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Air New Zealand Ltd will centralise operations in Auckland and move its workforce in the city to a refurbished airport campus, the airline said on Wednesday, adding that the decision will help it cut costs by a fifth over 15 years, Reuters reported. The move, expected to occur in 2024, comes as New Zealand's flag carrier looks to reduce property costs while aiming for an uptick in business after two years of hard-line international border restrictions at home.
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The man behind Tauranga's failed Bella Vista development is fighting a New Zealand High Court challenge to declare him bankrupt, promising the court he has a plan to pay back a $1 million debt to a building materials supplier, the New Zealand Herald reported. Danny Cancian, former director of the now-liquidated Bella Vista Homes company, shed tears as he appeared via audio-visual link in the High Court at Tauranga yesterday. The 21-home Bella Vista development in The Lakes was evacuated by Tauranga City Council in 2018 over claims of construction deficiencies.
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New Zealand banks are calling on the Reserve Bank to delay implementation of new mortgage lending restrictions such as debt-to-income ratios as the housing market cools. Existing restrictions and rising interest rates are already slowing home-lending growth, and banks are concerned the introduction of further limits could have “unintended consequences,” the New Zealand Bankers Association said in a submission to the RBNZ posted on its website. It urged the central bank to assess the impact of market changes before using additional tools.
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Liquidators for failed cryptocurrency exchange MyCryptoWallet claim the business may have traded whilst insolvent for three years before its collapse, and have drawn into question $3.4 million in ‘unfair or preferential’ transactions made by the company’s founder, the Sydney Morning Herald reported. MyCryptoWallet was a Melbourne-based exchange founded in 2017 by Jaryd Koenigsmann, which allowed users to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum.
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Passengers are starting to arrive in Australia as it allowed travel by double-vaccinated visitors, following almost two years of strict travel bans introduced to stem the spread of Covid-19, Bloomberg News reported. It’s also a long-awaited day for the tourism sector -- which employed about 5% of the nation’s workforce and contributed 3% to the economy prior to the pandemic -- and was already reeling in early 2020 from devastating wildfires.
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Australia concluded its quantitative easing program, leaving the Reserve Bank with more than 40% of government bonds on issue and raising questions about what it will do with the pile of assets, Bloomberg News reported. The RBA on Thursday conducted its final A$1.6 billion purchase of securities under a program that tripled its balance sheet to about A$650 billion ($465 billion). Indeed in 2021 it bought more than three times more debt than the government issued, the largest ratio across the world’s six largest developed bond markets.
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