Eftpos company Provenco Cadmus in receivership
Eftpos company ProvencoCadmus has gone into receivership.
An announcement has just been made from receivership company KordaMentha that Michael Stiassny and Brendon Gibson have been appointed receivers.
The company's shares have been in a trading halt since this morning.
Stiassny said while they have been appointed receivers to ProvencoCadmus, its subsidiary companies have not been placed into receivership.
"Provenco is a well known New Zealand business with a long trading history and we certainly hope we can find a new owner," he said.
"We are currently assessing the situation and working to ensure there will be no disruption to normal service."
He said ProvencoCadmus customers wanting more information should make enquiries "via their normal business channels."
The directors of the company asked ANZ National Bank to appoint receivers because the company will not have sufficient funds to meet its working capital requirements.
Hi all, our apologies for the delay in getting this latest update to you. We have some more great news for you all - following the decision by the employment court which we have previously mentioned, the Employment Relations Authority have now officially struck out the objection to this case being investigated by them.
Following this decision, the ERA have now set down a date for an investigation meeting - xx and xx February 2011.
We had a meeting with our lawyer Philip Skelton last week to begin preparation for this investigation. We have quite a bit of work to do - the ERA will require a lot of supporting evidence from us. We will be assisting Philip with collating this evidence - and we will probably be in touch with some of you soon for information and documents. If any of you have documentation, particularly employment information (contracts etc) from before and after the merger then we may need this so please don't throw it away in your Christmas holiday clean-ups!
For the investigation meeting we may need some of you to present evidence in person - we are trying to determine exactly who we need and for how long as soon as possible. There is the potential that the ERA will need to hear from all of you - however we are trying to avoid this situation. So please keep 24 and 25 February free - it is absolutely critical to our case that we provide all that the ERA asks of us.
We will meet again with Philip in early December and we will update you all again after this.
As always if you have any questions about this case please contact either us and we will do our best to get an answer for you!
