Rotorua Daily Post
  • Rotorua Daily Post home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Sport
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
    • All Lifestyle
    • Residential property listings
  • Property
    • All Property
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Rural
  • Sport

Locations

  • Tauranga
  • Te Puke
  • Whakatāne
  • Rotorua
  • Tokoroa
  • Taupō & Tūrangi

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales

Weather

  • Rotorua
  • Tauranga
  • Whakatāne
  • Tokoroa
  • Taupō

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Rotorua Daily Post

Tachikawa mill owes $13m, say receivers

By Rebecca Malcolm
Rotorua Daily Post·
16 Jan, 2014 08:58 PM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save
    Share this article
Tachikawa remains in lockdown after the receivers were called in last year. Photo / Stephen Parker

Tachikawa remains in lockdown after the receivers were called in last year. Photo / Stephen Parker

Failed timber mill Tachikawa owes about $13 million, according to the initial receivers' report.

Just before Christmas, KordaMentha released the receivers' first report on the state of the mill's finances.

Tachikawa stopped operations in mid-October, with 130 staff being told they no longer had jobs.

According to the initial report, BNZ is owed $6.3 million.

"The company [Tachikawa] had incurred significant losses over the last two years, leaving it under-capitalised. We understand the directors were seeking to raise capital but were unsuccessful, and as a consequence requested BNZ to appoint receivers," joint receiver Brendon Gibson said in the report.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Two other preferential creditors were named, with the Inland Revenue Department submitting a preferential claim for $50,000, while the preferential claims for staff totalled just over $2 million.

Staff have received an initial payment of 43 cents in the dollar.

Mr Gibson said the company had received unsecured creditor claims totalling $6.2 million.

Advertisement
Advertise with NZME.

He said it was too early to determine whether there would be funds available to pay them.

Mr Gibson said the company had several assets, including 8 hectares of land and associated buildings, machinery, timber stock in various stages of production, and was owed about $1.4 million.

Speaking to the Rotorua Daily Post this week, Mr Gibson said they had been going through the process of selling stock.

He said that, after being unable to garner any interest in selling the mill as a whole, they were about to start the process of marketing the land and buildings separately to the plant and equipment.

Discover more

Update: Mill jobs confirmed as lost

25 Oct 12:13 AM

Tachikawa losses: Rotorua generosity stuns family

01 Nov 08:00 PM

Timber mill sale falls through

10 Dec 08:30 PM

Chey Milne: Being with whanau is best Christmas gift

23 Dec 05:00 PM

Security would remain on site until that had been done, as it was an insurance requirement, he said.

First Union president Syd Keepa said the union was still working with staff who had been made redundant in a bid to find them jobs.

While he did not have any figures, Mr Keepa said he knew some workers had been successful in finding jobs but others were still looking.

Mr Keepa said they would continue to work with workers seeking jobs and had also helped out by providing food vouchers.

Save
    Share this article

Latest from Rotorua Daily Post

Rotorua Daily Post

'Very grateful': No votes cast but Rotorua has its first election winner

Premium
Business

New Zealand's top 10 busiest house builders - how they cope with downturn

Rotorua Daily Post

'Trolls everywhere': Abuse blamed as candidate shortage forces byelection


Sponsored

Revealed: The night driving ‘red flag’

Advertisement
Advertise with NZME.

Latest from Rotorua Daily Post

'Very grateful': No votes cast but Rotorua has its first election winner
Rotorua Daily Post

'Very grateful': No votes cast but Rotorua has its first election winner

Only one person wanted the seat, but its winner says that might be good sign.

07 Aug 01:00 AM
Premium
Premium
New Zealand's top 10 busiest house builders - how they cope with downturn
Business

New Zealand's top 10 busiest house builders - how they cope with downturn

06 Aug 10:00 PM
'Trolls everywhere': Abuse blamed as candidate shortage forces byelection
Rotorua Daily Post

'Trolls everywhere': Abuse blamed as candidate shortage forces byelection

06 Aug 08:18 PM


Revealed: The night driving ‘red flag’
Sponsored

Revealed: The night driving ‘red flag’

04 Aug 11:37 PM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Rotorua Daily Post e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Rotorua Daily Post
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Rotorua Daily Post
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP