Liquidators were appointed after ACG Education bought its assets.
Liquidators were appointed after ACG Education bought its assets.
Liquidators have been appointed for Intueri Education Group after ACG Education, the private equity-owned education services provider, bought its assets.
William Black and Conor McElhinney, partners of McGrathNicol, were appointed liquidators of Intueri Education Group and its New Zealand subsidiaries after the administrators presented their report at a meeting earliertoday and "recommended that creditors vote to place the entities into liquidation, given that there was no other viable alternative and that all of the assets of the companies had been sold," the liquidators said in a note to the stock exchange.
The company was placed into voluntary administration at the start of June after a strategic review attracted an offer for its operating assets for less than the $70.7 million owed to ANZ Bank New Zealand, meaning the lender would be forced to take a loss.
In July, the administrators, also Black and McElhinney, said Auckland-based ACG, which was bought by Australia's Pacific Equity Partners in 2015, had completed its purchase of the Intueri New Zealand schools, including the New Zealand Institute of Sport, the New Zealand College of Massage, Global Education Group trading as NSIA The Professional Hospitality Academy, and Intueri Education New Zealand trading as Cut Above Academy, Design and Arts College of New Zealand, Academy New Zealand, and Elite International School of Beauty and Spa Therapies. No price was disclosed.
The appointment of liquidators is over Intueri Education Group Limited, as well as six New Zealand subsidiaries.
"Voting to place the Intueri entities into liquidation is a logical outcome following a sale of the business and assets. The liquidators will be reviewing and investigating a number of matters in relation to the Intueri companies and will pursue available recovery actions for the benefit of creditors where feasible," said Black.
