Waimea Contract Carriers drives its way out of voluntary administration – Stuff.co.nz

Waimea Contract Carriers Ltd has all but traded its way out of voluntary administration and paid back its creditors an outcome described as rare by one administrator.

The transport company, based about 16km south of Nelson, was placed in voluntary administration (VA) on March 30, 2015 with debts of more than $16 million.

Administrator Richard Longman, of PwC, said once the final payment was made due on Tuesday the companywould be left with only the debt a typical business of its size would have “as part of normal banking arrangements”. Restrictions applied under VA would be lifted.

Voluntary administration was “not a frequently used provision” and the outcome achieved by Waimea Contract Carriers was rare.

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