Tararua District Council will be paid $671,850 in cash by the liquidated company Infracon.
Infracon, which went into liquidation in 2014, was the major roading contractor for Tararua and Central Hawke's Bay, and Tararua District Council held a majority shareholding in the company. PricewaterhouseCoopers as the liquidators advised the proposed distribution to Tararua District Council of $671,850 cash and assets valued at $56,135.
Council spokeswoman Lianne Simpkin said the money received will be utilised to offset debt incurred on capital projects, "as this provides the best long term results for ratepayers of the Tararua District".
"It is pleasing to note that this result was enabled by the prompt action by the Infracon Ltd Board of Directors in appointing liquidators," she said.
