Liquidation notice a 'formality'

Last updated 13:00 10/01/2014

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Notice of real estate firm Re/Max New Zealand being in liquidation is a formality related to a restructuring, said the firm's finance director, Chris Chapman.

The report posted by PricewaterhouseCoopers on the company's state of affairs noted it was solvent and the liquidation, from December 19, was the result of a restructuring of the affairs of the shareholders.

Mr Chapman said the company referred to was a dormant entity owned by Re/Max LLC in the United States, which previously owned the Re/Max New Zealand business.

"In December 2012 there was a management buyout of Re/Max New Zealand and since then Re/Max has operated under a new company structure," Mr Chapman said.

He said the restructure equipped the firm to further develop and tailor its support services to the New Zealand market. "This is to the advantage of the very successful and award winning Re/Max Elite franchise in Nelson," he said.

The real estate brand first came to New Zealand in 2003 and has grown to include 47 offices with 360 sales and support people.

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- The Nelson Mail

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