By ANNE GIBSON
Construction firms hit by the Hartner collapse are hoping that a second Companies Office investigation may spur Government intervention.
The executive officer of the Building Subcontractors Federation, Peter Degerholm, said the Companies Office would take a second look at what could end up being a $50 million debacle.
He said the about-turn had happened because of fresh information from the federation and continuing pressure from the industry.
A second review could result in a recommendation to Commerce Minister Paul Swain that a statutory manager be appointed to investigate the company's management, said Mr Degerholm.
An earlier investigation by the Companies Office had resulted in an outright rejection of the call for a statutory manager.
A statutory manager would have much wider powers than receiver John Waller, of PricewaterhouseCoopers.
A statutory manager can investigate suggestions of fraudulent trading, the carrying-out of business while insolvent or reckless corporate behaviour.
Predicting that the $28.5 million debts would turn out to be closer to $50 million, Mr Degerholm said the change of heart by the Companies Office was the first glimmer of hope in weeks of lobbying by various construction officials for Government involvement.
At stake could be many jobs and the future of a second tier of the billion-dollar industry.
Some companies have already gone to the wall as a result of the Hartner collapse.
While the Companies Office had previously shied away from recommending to Mr Swain that a statutory manager be appointed, Mr Degerholm said officials had changed their mind in a meeting at Auckland on Friday.
They were now carrying out further inquiries, he said.
Liquidation specialist John Vague said he had been approached about winding up Hartner Construction.
But he said he would do the job only if he received funding.
Mr Vague said there were three sources for this, none of which he was confident about.
The possible avenues were a fund with leftover money from other liquidations, creditors putting up their own money or the Government appointing a statutory manager and guaranteeing the fees.
Herald Online feature: Hartner receivership
Watchdog revisits Hartner failure
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