8 May 2020
Media: Local Democracy Reporter
Topic: Winding up of TERAX
Enquiry
I am writing a story about TERAX 2013 Ltd being put into liquidation, filing today.
Below I have copy/pasted a response from you to [Rotorua Daily Post] in August last year. Can you please let me know if you would like to update any of the information in that response?
Could you please also confirm how much money the council has invested in the project to date, including how much of that came from central government?
And can you please provide an update as to why TERAX 2013 Ltd has been put into liquidation and what that means for the council?
Your August response [view HERE] - please let me know if this still stands, and if not, please provide an update.
Response
The following information was provided:
Regarding liquidation, that is the process of winding up the partnership, the reasons for which have previously been reported by Council (see HERE) and were provided to [Rotorua Daily Post] (as below). The agreement relating to IP remains in place.
There is no change to information provided previously to [Rotorua Daily Post].
It hasn't been possible today to get the information re total council investment sorry but we will get that to you as soon as possible next week and I will chase it up on Monday for you.
NOTE: Enquiry prompted by the gazetting of the TERAX company and limited partnership being placed into liquidation, following the July 2018 decision by Council to wind up the company and limited partnership. See liquidation notice HERE on www.gazette.govt.nz
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Media: The Mud
Topic: Winding up of TERAX
Enquiry
Hi
Does the Rotorua Lakes Council have any comment on the liquidation of Terax (2013) Ltd?
Response
The following information was provided:
Regarding TERAX liquidation, there is no comment from council about this. It's the process of winding up the TERAX partnership following the decision made by Council back in 2018 to wind it up - you may have missed it so see information below for background/understanding:
First steps to winding up TERAX - July 2018: HERE on Council's website
That's when the Operations and Monitoring Committee passed the following recommendation:
That the Committee recommends to Council to instruct the Chief Executive to start the process of winding up the Terax Limited Partnership, Terax 2013 Limited by working with Scion on the future ownership, or sale, of the intellectual property and to take all steps necessary to protect Council's investment should future value be able to be extracted from the TERAX intellectual property.
The above link includes the report that was considered by the committee at that time with background and reasons for the recommendation to wind up the partnership.
The recommendation was subsequently approved by the Full Council.
You may also be interested in the information HERE (provided in August 2019).
