Windflow Tech calls it a day

Christchurch wind turbine company Windflow Technology has been put into voluntary liquidation.

The company appointed Wendy Somerville and Malcolm Hollis of PwC as liquidators on Wednesday, according to their first report to creditors. It is expected to be a ‘‘solvent liquidation’’, meaning all its known debts should be paid.

Windflow, which formed in 2000 to design and manufacture wind turbines, delisted from the NZAX in November last year and moved to the Unlisted platform until trading was halted last week.

The liquidators said the company had been put into liquidation after revenue opportunities ‘‘failed to materialise’’.

‘‘While it is likely all creditors will be paid, should they not be, during the liquidation we will, pursuant to the [Companies] Act, investigate the actions of the directors to ensure all relevant legislation has been complied with.’’

PwC will sell the company’s assets, which include intellectual property for its double-bladed turbine technology.

Three of Windflow’s six employees were given notice prior to the liquidation and the remaining three would help with the company’s wind-down. All staff entitlements were paid prior to the company’s liquidation, PwC said.

Windflow’s founder, Geoff Henderson, resigned as chief executive two years ago, but remained as managing director.

The company listed in 2003 with shareholder support from some leading names in the alternative energy sector, including former Green MP Jeanette Fitzsimons.

Nearly 76 per cent of the company is owned by David Walter Iles of New York. Fitzsimmons and former Wellington mayor Celia WadeBrown are among the many small shareholders, and Mercury NZ owned 2.58 per cent.