Turbine-maker down the drain as Powerhouse pursues liquidation

ASX-listed venture capital firm Powerhouse Ventures has forced a dysfunctional hydro power technology company to enter into interim liquidation.

Hydroworks was left without a functioning board last week when its final director quit, leading Powerhouse (ASX:PVL) to write off $7 million it had invested in the company.

On Thursday the firm forced the liquidation of Hydroworks by court order.

“After careful consideration of available options to restore administrative control to Hydroworks, PVL has today filed an application with the High Court of New Zealand for the appointment of interim liquidators,” it said.

The application was successful.

Deloitte has been appointed as interim liquidator until the appointment of an actual liquidator, which could take several weeks. Deloitte’s job will be to protect as many of the company’s assets as possible during that period.

Hydroworks had made turbines for hydroelectric generators.

The announcement was made shortly before the close of market. PVL shares closed at 38c, up 2.7 per cent.