Porirua-based wireless communications developer Exicom has run into debt problems, resulting in a receiver being appointed to its holding company.
“Exicom Technologies itself is not in receivership, but it’s a wholly-owned subsidiary of Exicom Holdings, which is in receivership,” says receiver Tony Harris.
This course was chosen because it was judged to be in the best interests of the lender, he says. The creditor in question is long-established trade financier S H Lock NZ Ltd.
Exicom, which designs, manufactures and exports a range of VHF, UHF and microwave wireless systems, has a storied history, dating back to 1913 when AWA established a business in New Zealand, developing radio equipment for the Post Office. In 1988 Australian firm Exicom purchased the business, but then found itself in financial trouble in 1996.
Employees and members of the the Porirua community then bought the company's assets from the receiver and set up Exicom Technologies.
Harris says he was appointed receiver to the holding company just before Easter and he is still sorting through the various strands of the company.
The hope is that the company might be saleable as a going concern.
“That’s always the preferred course in a receivership or debt enforcement,” he says.
Harris says he might have a clearer idea of the course ahead by the end of next week.