新西兰大型企业倒闭调查报告（第一轮核查）

| 27/10/2026 | 新西兰华人每日资讯网 | 没有评论

调查员：查桐普

核查截止日：2026年10月27日｜范围：2023年11月—2026年10月｜金额均为新西兰元（NZD）

本轮核查已找到新西兰公司注册处（Companies Office）、清算人及接管人官方网站上的关键公告和报告，并与 RNZ、《新西兰先驱报》及行业媒体的公开报道交叉核对。

先说明一个重要区别：清算人报告中的“债权申报金额”不一定等于最终确认债务；供应商损失也不能直接等同于全部无担保债务。只有清算结束、债权经过审核后，才能较可靠地确定最终损失和实际偿还比例。

一、核查结果总表

以下是目前能够找到足够公开证据的重点案件。凡未找到最终报告或无法确认的数字，明确标注为“待核实”，不以估算冒充最终结果。

企业／集团员工影响已公开债务或债权供应商损失程序及结果
ELE Group约1,000名工人受影响最早报告涉及数百万纽元债权；2026年报告仍列有员工及税务优先债权待核实5家关联企业接管；部分企业仍处于接管程序
Du Val Group员工总数待核实约3.063亿待核实70个相关实体进入法定管理
SolarZero169名员工超过4,000万，首份报告口径待核实6家集团实体清算，业务停止
Nanogirl Labs员工人数待核实最终债务待核实；已披露欠税超过26万待核实2024年11月进入清算
Evolution Traffic Management超过100个岗位受到影响最终债务待核实待核实进入清算
The Body Shop New Zealand约70个岗位受到影响最终债务待核实待核实2025年3月27日进入清算
Libelle Group超过500名员工受到影响最终债务待核实已确认供应商须申报未付货款及服务款，金额待核实2025年3月11日进入清算，学校供餐由其他服务方衔接
Smiths City约130—137名员工约2,680万约240家企业为债权人，但供应商最终损失额待核实2025年10月进入清算，零售业务停止
ANCZ／Acecco／Miniso／Yoyoso相关集团员工人数待核实超过600万至少210万无担保债权，包含不同类型债权人母公司及约23家关联企业进入清算
Crasborn Fresh Harvest／Kiwi Crunch相关业务员工总数待核实Crasborn债权申报约5,300万；Kiwi Crunch另有约2,000万欠税报道，口径不可直接相加多家供应商及农业企业受到影响，金额待逐家核实Crasborn于2026年7月进入接管及清算；Kiwi Crunch相关业务进入接管程序

主要证据来源：

  • ELE Group：接管人 Deloitte 官方报告及其 ELE Group 接管资料页。Deloitte New Zealand+1
  • Du Val：新西兰公司注册处及政府公告。Companies Office+2
  • SolarZero：Grant Thornton 清算公告及首份清算报告的媒体报道。Grant Thornton+1
  • Libelle：Deloitte 清算人公告及债权人、供应商通知。Deloitte New Zealand+2
  • Smiths City：清算人报告相关报道。Debtor Insight+1
  • ANCZ相关集团：2026年1月的清算报道。Inside Retail New Zealand
  • Crasborn Fresh Harvest：清算人 Calibre Partners 的官方资料及《Farmers Weekly》2026年8月报道。Calibre Partners+1

上表是目前可核实的阶段性汇总，不代表每家公司的最终清算结果均已公布。下面重点展开有原始报告支持的案件。

二、逐家核对原始报告

1. ELE Group：劳务派遣及运输集团

仍有接管事项待处理

  • 接管日期： 2023年12月20日。
  • 涉及企业： ELE Holdings、ELE Management、ELE Limited、Tranzport Solutions、RISQ New Zealand 等。Deloitte 官方资料说明，ELE Security Limited 不属于最初的同一组接管企业，仍继续经营。Deloitte New Zealand
  • 员工影响： 新西兰移民局曾协助受影响的工人寻找其他工作；公开报道估计约1,000人受到影响。
  • 债务核查： Deloitte 2026年2月12日的 ELE Limited 接管人报告列明，员工优先债权约184.4万纽元，税务部门优先债权约163.2万纽元，合计347.6万纽元；员工另有约20万纽元在独立托管账户中。接管人报告同时指出，员工已收到约每1纽元债权55分的分配。Deloitte
  • 供应商损失： 尚未取得足以汇总整个集团供应商最终损失的完整报告。
  • 最终结果： 不能把全部集团简单标记为已完成清算。ELE Limited 的接管人仍在处理优先债权及法院程序。

原始资料：Deloitte ELE Group 官方报告页。

2. Du Val Group：房地产开发及投资集团

  • 进入法定管理： 2024年8月21日。
  • 涉及规模： 70个实体，包括核心公司、有限合伙企业及子公司。Companies Office
  • 债务： 2025年3月的第二份管理人报告将估计债权及投资者负债由约2.38亿纽元提高至约 3.063亿纽元。RNZ News
  • 员工及供应商： 公开资料尚不足以确认全集团员工人数、逐家供应商债权及最终损失。
  • 最终结果： 截至本次核查，属于法定管理及接管案件，而非已经完成全部清算、可以确定最终损失的案例。

官方入口：新西兰公司注册处 Du Val 专页。

3. SolarZero：太阳能能源服务企业

这是目前能够核对到较详细财务数字的案例之一。

  • 停止运营： 2024年11月26日。
  • 员工： 169人。
  • 债权人： 首份报告公布时，超过700名债权人及员工受到影响，初步债权超过4,000万纽元。NZ Herald
  • 第二份清算报告： 2025年6月25日，清算人公布更详细的公司记录及债权资料。Grant Thornton New Zealand

报告披露的重点数字如下：

项目金额
SolarZero Limited 公司记录中的负债约4,883万纽元
其中公司记录中的无担保债权约3,490.5万纽元
贸易债权人记录金额约413.7万纽元
员工优先债权约110.1万纽元
员工无担保部分债权约306.7万纽元

来源：Grant Thornton 第二份清算报告附录D。以上仅为 SolarZero Limited 这一实体的报告数字，并非集团最终总债务；部分复杂债权仍待审核。

Grant Thornton New Zealand+1

  • 供应商损失： 贸易债权人记录金额约413.7万纽元，但不等于所有供应商最终损失。
  • 最终结果： SolarZero 停止运营，6家相关实体进入清算。原客户的系统维护服务转由 Verofi 承接。Grant Thornton

原始资料：Grant Thornton 第二份清算报告（PDF）。

4. Nanogirl Labs：科学教育企业

  • 清算日期： 2024年11月23日。
  • 员工人数： 未找到可靠的最终人数。
  • 债务： 公开报道披露欠税超过26万纽元，但这不是公司的全部债务。
  • 供应商损失： 尚无可确认的最终汇总金额。
  • 最终结果： 公司注册资料显示仍处于清算状态。Company Hub+1

原始查询入口：新西兰公司注册处。

5. The Body Shop New Zealand：美妆零售业务

  • 清算日期： 2025年3月27日。
  • 员工人数： 约70个岗位受到影响，需进一步以清算人雇员债权表核实实际人数。
  • 债务及供应商损失： 本轮取得的官方网页确认了清算人及相关债权人文件，但尚未从可读取资料中确认最终负债总额和供应商最终损失。
  • 最终结果： 公司进入清算程序。Calibre Partners

原始资料：Calibre Partners 官方清算资料及文件。

6. Libelle Group：学校供餐及餐饮服务集团

  • 清算日期： 2025年3月11日。
  • 员工： 超过500人受到影响。NZ Herald
  • 业务规模： 每天为政府学校健康午餐计划供应约125,000份餐食。
  • 债务及供应商损失： Deloitte 已发布致债权人和供应商的正式通知，确认未付货款及服务款应向清算人申报；但本轮尚未取得能够确认最终总负债及供应商最终损失的完整报告。Deloitte
  • 最终结果： 原企业进入清算，学校供餐服务通过 Compass Group New Zealand 及相关合作方安排衔接。

原始资料：Deloitte Libelle Group 清算专页。

7. Smiths City：家具及家电零售商

这家公司是本轮核查中供应商风险较明确的案例。

  • 清算日期： 2025年10月1日。
  • 员工： 约130人；行政管理初期的报道估计约137人。Debtor Insight+1
  • 债务： 清算人首份报告显示负债超过 2,680万纽元。
  • 供应商及企业债权人： 约240家企业被拖欠款项。
  • 最终损失： 清算人表示，预计无资金可分配给无担保债权人。这意味着该类别的债权人可能无法收回欠款，但不代表所有债权人均完全没有回收。Otago Daily Times
  • 最终结果： 试图出售整个零售业务的努力未能成功，公司进入清算，门店关闭。

来源：《Otago Daily Times》：Bad news for unsecured Smiths City creditors。

8. ANCZ／Acecco／Miniso／Yoyoso 相关零售集团

  • 清算时间： 2025年12月。
  • 涉及规模： 母公司 ANCZ Limited 及约23家关联企业。
  • 债务： 公开报道所列债务包括约290万纽元中国建设银行债权、至少210万纽元无担保债权，以及约94万纽元税务债权。
  • 员工债权： 清算人估计欠前员工工资、假期工资及裁员补偿约21.7万纽元。
  • 供应商损失： 无担保债权人可能无法获得任何分配，但最终结果仍需以后续清算报告为准。
  • 最终结果： 清算人当时预计大部分门店将在2026年1月底前关闭；部分门店曾短暂继续营业以处理库存。Inside Retail New Zealand

来源：Inside Retail：Acecco、Miniso、Yoyoso 门店进入清算。

9. Crasborn Fresh Harvest／Kiwi Crunch：苹果种植及出口业务

  • 进入接管及清算： Crasborn Fresh Harvest 于2026年7月3日进入接管及清算程序。Calibre Partners
  • 员工人数： 尚未找到可靠的最终统计。
  • 债务： 2026年8月的《Farmers Weekly》报道显示，Crasborn Fresh Harvest 账面资产约4,000万纽元，债权申报总额约5,300万纽元，包括约1,900万纽元欠税及约340万纽元有担保债权。
  • 供应商损失： 无担保债权超过3,000万纽元；已有报道指出，个别供应商被拖欠数十万纽元，PGG Wrightson 亦曾对相关果园企业的欠款计提约450万纽元拨备。
  • 最终结果： 上述数字仍是清算初期的报告数字，并非最终确认的损失。Kiwi Crunch 的其他关联业务还涉及独立接管程序，不能将全部债务简单相加。Farmers Weekly+1

来源：Calibre Partners 官方资料；Farmers Weekly：Losses mount for Hawke’s Bay apple mogul。

三、还有哪些数据尚未完成核实？

本轮未能取得完整的最终报告，因此以下项目暂不纳入已核实的债务总额：

  • Evolution Traffic Management： 已确认公司处于清算状态，但尚未从可读取的原始报告中确认最终债务和供应商损失。
  • Kitchen Things： 此前报道涉及接管及清算，但本轮尚未取得足够的原始文件来确认最终员工人数、债权总额和最终回收比例。
  • ELE Group、Du Val、SolarZero 等： 部分程序仍在进行，最新公开报告中的债权金额不应被称为最终债务。

官方报告入口：

四、阶段性结论

目前最重要的发现不是一个可以简单相加的“倒闭总债务”，而是几类不同的经济损失：

  1. 就业冲击： ELE Group、SolarZero、Libelle Group、Smiths City 等案件，公开报道已显示数百至上千名员工受到影响，但不同企业的员工口径需要进一步统一。
  2. 债权人损失： Smiths City 的无担保债权人预计无法获得分配；ANCZ 相关集团的清算人也曾预计无担保债权人回收率可能为零。
  3. 大型财务危机： Du Val 的约3.063亿纽元估计债权，以及 Crasborn Fresh Harvest 的约5,300万纽元债权申报，显示房地产和农业领域存在重大资本及债务风险。
  4. 公共服务影响： Libelle Group 清算涉及政府学校供餐合同，SolarZero 清算涉及全国客户的太阳能服务安排；两者均需要区分企业倒闭本身与后续服务能否维持。

最重要的限制： 这份报告已经完成第一轮原始资料核查，但尚不能称为全部企业的最终清算审计。部分公司仍在接管或清算中，员工人数、供应商损失和最终回收率仍需以之后公布的法定报告为准。




New Zealand’s Major Corporate Failures: An Investigative Review

Reporting period: November 2023 – October 2026
Research cut-off: 27 October 2026
Currency: New Zealand dollars (NZD)

Executive Summary

This review examines major corporate failures and significant financial distress in New Zealand since the National Party-led coalition government took office in November 2023. It focuses on businesses with substantial employment, national brand recognition, significant creditor exposure, or wider implications for essential services and regional economies.

The investigation draws on publicly available material from the New Zealand Companies Office, liquidators and receivers, and reporting by RNZ, The New Zealand Herald and industry publications.

An important distinction must be maintained throughout: the amount of claims lodged with a liquidator is not necessarily the final amount of admitted debt. Nor should total unsecured liabilities be treated as equivalent to losses suffered by suppliers. Reliable conclusions about ultimate losses and creditor recovery rates generally require the completion of liquidation and the formal adjudication of claims.

The cases documented below indicate that corporate distress has affected a range of sectors, including property development, labour hire, renewable energy, education, retail, catering and horticulture. However, this is a review of significant cases identified through available public records, not a complete census of major business failures across New Zealand.

1. Summary of Principal Cases

Company or GroupEmployment ImpactReported Debt or ClaimsSupplier LossesStatus
ELE GroupApproximately 1,000 workers affectedReports identify several million dollars in claims; a 2026 report continued to record employee and Inland Revenue Department preferential claimsNot yet verifiedFive associated companies entered receivership; some proceedings remained ongoing
Du Val GroupTotal employee numbers unverifiedApproximately $306.3 million in estimated claims and investor liabilitiesNot yet verifiedApproximately 70 associated entities entered statutory management
SolarZero169 employeesMore than $40 million in claims in the initial reportingNot yet verifiedSix group entities entered liquidation and operations ceased
Nanogirl LabsFinal employee numbers unverifiedTotal liabilities unverified; reported tax arrears exceeded $260,000Not yet verifiedEntered liquidation in November 2024
Evolution Traffic ManagementMore than 100 positions affectedFinal liabilities unverifiedNot yet verifiedEntered liquidation
The Body Shop New ZealandApproximately 70 positions affectedFinal liabilities unverifiedNot yet verifiedEntered liquidation on 27 March 2025
Libelle GroupMore than 500 employees affectedFinal liabilities unverifiedUnpaid trade and service invoices were subject to creditor claims; the amount remains unverifiedEntered liquidation on 11 March 2025; school meal provision was transferred to other providers
Smiths CityApproximately 130–137 employeesApproximately $26.8 million in liabilitiesApproximately 240 businesses were creditors; final supplier losses remain unverifiedEntered liquidation in October 2025; retail operations ceased
ANCZ / Acecco / Miniso / Yoyoso-related groupEmployee numbers unverifiedMore than $6 million reportedAt least $2.1 million in unsecured claims, including different categories of creditorsParent company and approximately 23 associated entities entered liquidation
Crasborn Fresh Harvest / Kiwi Crunch-related operationsTotal employee numbers unverifiedApproximately $53 million in claims against Crasborn; separate reports cited around $20 million in Kiwi Crunch tax arrears. These figures must not be added without reconciling their scopeMultiple suppliers and agricultural businesses affected; individual losses require further verificationCrasborn entered receivership and liquidation in July 2026; related Kiwi Crunch operations entered receivership

Principal Documentary Sources

The figures above are provisional findings. They do not establish that final liquidation outcomes have been published for every company.

2. Examination of Individual Cases

2.1 ELE Group: Labour Hire and Transport

Status: Certain receivership matters remained unresolved.

The receivership commenced on 20 December 2023.

The businesses involved included ELE Holdings, ELE Management, ELE Limited, Tranzport Solutions and RISQ New Zealand. Deloitte’s official material states that ELE Security Limited was not part of the original group of companies placed into the same receivership and continued operating.

Approximately 1,000 workers were reportedly affected. Immigration New Zealand assisted affected workers in seeking alternative employment.

A Deloitte receivers’ report dated 12 February 2026 for ELE Limited recorded approximately $1.844 million in preferential employee claims and $1.632 million in preferential claims by Inland Revenue, giving a combined total of approximately $3.476 million. A further approximately $200,000 relating to employees was held in a separate trust account.

The report also indicated that employees had received distributions equivalent to approximately 55 cents for each dollar of their claims.

The final losses suffered by suppliers across the wider group have not been established from the material available for this review.

The group should not be described as having completed liquidation in its entirety. Receivership matters, including preferential claims and court proceedings involving ELE Limited, remained ongoing.

Primary source:
https://www.deloitte.com/nz/en/services/consulting-financial/perspectives/ele-group-receivership-information.html

2.2 Du Val Group: Property Development and Investment

Du Val entered statutory management on 21 August 2024.

The proceedings covered approximately 70 entities, including core companies, limited partnerships and subsidiaries.

In March 2025, the second statutory management report increased the estimated claims and investor liabilities from approximately $238 million to $306.3 million.

The available public material does not establish the total number of employees across the group, the claims of individual suppliers, or the ultimate losses suffered by creditors.

At the reporting cut-off, Du Val was a major statutory management and financial distress case. It should not be treated as a single company whose entire liquidation had been completed and whose final losses were known.

Official source:
https://www.companiesoffice.govt.nz/about-us/what-we-do/our-legislation/du-val-group-statutory-management/

2.3 SolarZero: Solar Energy Services

SolarZero ceased operations on 26 November 2024.

The company had 169 employees. Initial reporting indicated that more than 700 creditors and employees were affected, with claims exceeding $40 million.

On 25 June 2025, Grant Thornton published a second liquidators’ report containing more detailed company records and creditor information.

The report included the following figures for SolarZero Limited:

ItemReported amount
Liabilities recorded in company recordsApproximately $48.83 million
Unsecured claims recorded in company recordsApproximately $34.905 million
Trade creditor claims recordedApproximately $4.137 million
Preferential employee claimsApproximately $1.101 million
Unsecured component of employee claimsApproximately $3.067 million

Source: Appendix D of Grant Thornton’s second liquidators’ report. These figures relate to SolarZero Limited alone, not the final consolidated liabilities of the entire group. Certain complex claims remained subject to review.

The approximately $4.137 million recorded in trade creditor claims should not be interpreted as the final losses of all suppliers.

SolarZero ceased operating and six associated entities entered liquidation. Verofi subsequently took over the maintenance service arrangements for customers’ existing systems.

Primary source:
https://www.grantthornton.co.nz/globalassets/1.-member-firms/new-zealand/pdfs/20250625_sz_second-liquidators-report_final.pdf

2.4 Nanogirl Labs: Science Education

Nanogirl Labs entered liquidation on 23 November 2024.

The final number of employees affected has not been reliably established from the material reviewed.

Public reporting identified tax arrears exceeding $260,000. This figure represents reported tax debt, not the company’s total liabilities.

No reliable consolidated figure for final supplier losses has been identified. Company information indicated that the liquidation remained ongoing.

Company register:
https://companies-register.companiesoffice.govt.nz/

2.5 The Body Shop New Zealand: Cosmetics Retail

The New Zealand business entered liquidation on 27 March 2025.

Approximately 70 positions were reported to have been affected, although the actual number of employees should be verified against the liquidators’ employee claims records.

The available official material confirms the appointment of liquidators and the existence of creditor documentation. However, this review has not established the final total liabilities or the ultimate losses suffered by suppliers.

The business entered liquidation, but the final financial outcome remains unverified in the material examined.

Liquidator information:
https://www.calibrepartners.co.nz/flx-creditor/the-body-shop-new-zealand-limited/

2.6 Libelle Group: School Catering and Food Provision

Libelle Group entered liquidation on 11 March 2025.

More than 500 employees were reportedly affected.

The group had supplied approximately 125,000 meals a day under the Government’s Ka Ora, Ka Ako school lunch programme.

Deloitte issued formal notices to creditors and suppliers, requiring outstanding invoices for goods and services to be lodged as claims. However, a complete report establishing the final total liabilities and ultimate supplier losses was not available for this review.

The original business entered liquidation, while school meal provision was subsequently arranged through Compass Group New Zealand and other providers.

The distinction is important: the company’s failure did not mean that the school lunch programme as a whole ceased operating.

Primary source:
https://www.deloitte.com/nz/en/services/consulting-financial/perspectives/libelle-group-liquidation-information.html

2.7 Smiths City: Furniture and Appliance Retail

Smiths City entered liquidation on 1 October 2025.

Approximately 130 employees were reported to have been affected, although early reporting put the figure at around 137.

The liquidators’ initial report recorded liabilities exceeding $26.8 million.

Approximately 240 businesses were reportedly owed money.

The liquidators indicated that no funds were expected to be available for distribution to unsecured creditors. This suggests that creditors in that category were unlikely to recover their claims, although it does not mean that every creditor necessarily received nothing from every source.

Attempts to sell the retail business as a going concern were unsuccessful. The company entered liquidation and its retail operations ceased.

Source: The Otago Daily Times
https://www.odt.co.nz/business/bad-news-for-unsecured-smiths-city-creditors-fzg5d90m

2.8 ANCZ / Acecco / Miniso / Yoyoso-related Retail Group

The liquidation proceedings began in December 2025 and involved ANCZ Limited and approximately 23 associated entities.

Public reporting identified several categories of claims, including approximately $2.9 million owed to China Construction Bank, at least $2.1 million in unsecured claims, and approximately $940,000 in tax claims.

The liquidators estimated that former employees were owed approximately $217,000 in wages, holiday pay and redundancy compensation.

Unsecured creditors were reported as potentially receiving no distribution. The final outcome, however, must be confirmed against subsequent liquidation reports.

At the time of reporting, the liquidators expected most stores to close by the end of January 2026. Some outlets temporarily remained open to clear stock.

Source: Inside Retail New Zealand
https://insideretail.co.nz/2026/01/12/acecco-miniso-yoyoso-stores-put-in-liquidation-as-operator-in-debt/

2.9 Crasborn Fresh Harvest / Kiwi Crunch: Apple Growing and Export Operations

Crasborn Fresh Harvest entered receivership and liquidation on 3 July 2026.

The final number of employees affected has not been reliably established.

Reporting by Farmers Weekly in August 2026 indicated that Crasborn Fresh Harvest had recorded assets of approximately $40 million and claims totalling approximately $53 million. These included around $19 million in tax liabilities and approximately $3.4 million in secured claims.

Unsecured claims exceeded $30 million.

Individual suppliers were reportedly owed hundreds of thousands of dollars in some cases. PGG Wrightson had also reportedly made a provision of approximately $4.5 million against amounts owed by associated orchard businesses.

These figures reflect claims and financial positions reported during the early stages of the proceedings, rather than final adjudicated losses.

Other Kiwi Crunch-related operations were subject to separate receivership proceedings. Their liabilities should not be added to those of Crasborn without reconciling the relevant entities and claims.

Sources:

Calibre Partners:
https://www.calibrepartners.co.nz/flx-creditor/crasborn-fresh-harvest-limited/

Farmers Weekly:
https://www.farmersweekly.co.nz/news/horticulture/losses-mount-for-hawkes-bay-apple-mogul/

3. Cases Requiring Further Verification

Three areas remain insufficiently documented for a complete financial assessment.

Evolution Traffic Management

The company’s liquidation has been reported, but the final liabilities and supplier losses have not been established from the original reports available for this review.

Kitchen Things

Previous reporting identified receivership and liquidation proceedings. However, this review has not obtained sufficient primary documentation to verify the final number of employees affected, total admitted claims or creditor recovery rates.

Ongoing proceedings involving ELE Group, Du Val and SolarZero

Some proceedings remained ongoing at the reporting cut-off. The latest available claims figures must not be presented as final debts where the claims have not been fully adjudicated or the liquidation has not concluded.

Official registers and reports

4. Preliminary Findings and Implications

The most significant finding is not a single aggregate debt figure that can safely be attributed to all these failures. Rather, the cases reveal several distinct categories of economic loss.

Employment. The failures of ELE Group, SolarZero, Libelle Group and Smiths City, among others, affected hundreds of workers and, in some cases, substantially more. However, the figures use different definitions: some count employees directly made redundant, while others refer to workers affected by a wider receivership. They must be standardised before being aggregated.

Creditor losses. Smiths City’s unsecured creditors were reportedly unlikely to receive a distribution. Unsecured creditors associated with the ANCZ retail group were also reported as potentially receiving nothing. These cases demonstrate why the number of affected suppliers and the amount ultimately recovered must be recorded separately.

Major financial distress. Du Val’s estimated claims and investor liabilities of approximately $306.3 million, alongside the approximately $53 million in claims reported against Crasborn Fresh Harvest, illustrate substantial financial risks in property development and horticulture. The figures remain subject to the qualifications set out above.

Public service implications. Libelle Group’s liquidation affected a major school meal supplier, while SolarZero’s failure required arrangements to maintain services for thousands of customers. In both cases, the failure of the original business must be distinguished from the continuity of the services subsequently provided by other organisations.

What can be concluded about the Government’s record?

The cases occurred after the National Party-led coalition government took office in November 2023. That chronology is relevant to an assessment of economic conditions and public policy, but it does not, by itself, establish that government decisions caused the failures.

A more rigorous assessment would examine:

  1. Public procurement and funding: whether contract cancellations, funding reductions or delays to infrastructure projects materially reduced the affected businesses’ revenues.
  2. Macroeconomic and financing conditions: the effects of borrowing costs, consumer demand, access to credit and exchange-rate movements.
  3. Company-specific factors: debt structures, management decisions, tax arrears and the sustainability of individual business models.
  4. Employment and public services: the number of jobs actually lost, losses borne by suppliers, and the availability of replacement services or transitional support.

For example, the founder of Nanogirl Labs publicly identified reductions in government funding among the factors affecting the business. Union representatives linked the failure of Evolution Traffic Management to a slowdown in infrastructure projects. In the Crasborn case, substantial tax arrears were also reported as a significant element of the financial difficulties.

These explanations are not interchangeable. Each company requires a separate assessment of the evidence before responsibility can be attributed to government policy, wider economic conditions or its own financial and management decisions.

5. The Wider Statistical Context

New Zealand company liquidation figures provide important context, but they do not measure major corporate failures alone.

Reported company liquidations were:

  • 2023/24 financial year: 381
  • 2024/25 financial year: 586
  • 2025/26 financial year: 681

These figures cover businesses of all sizes and use financial years that do not align exactly with the coalition government’s period in office. They therefore cannot be treated as a direct count of major corporate failures since November 2023.

The appropriate next step is a systematic examination of Companies Office notices and successive liquidators’ and receivers’ reports, recording for each legal entity:

  • the date proceedings began;
  • the number of employees affected and the source of that figure;
  • total claims lodged and total claims ultimately admitted;
  • secured, preferential and unsecured liabilities;
  • supplier claims and the amounts ultimately recovered;
  • asset realisations and distributions to creditors;
  • whether the business ceased trading, was sold, was restructured or completed liquidation.

Only then would it be possible to produce a defensible aggregate estimate of employment losses, supplier exposure and creditor shortfalls across the period.

Research qualification: This document is a first-stage investigative review, not a completed forensic audit of every company listed. Some proceedings remain ongoing, and the final employee figures, supplier losses and creditor recovery rates have yet to be established. All financial figures should be read in the context of the relevant report date, legal entity and stage of proceedings.

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