State Owned Enterprises Minister Todd McClay made a ministerial statement on Solid Energy going into voluntary liquidation when Parliament resumed at 2pm.
Mr McClay said The move into voluntary administration would see the orderly sale of assets after talks with stakeholders showed the low coal prices and the current situation meant there was no possibility of repaying debt.
The Government had considered further support for the state owned enterprise, but there was found to be no other way forward as forecasts of increasing coal prices had not eventuated. The liquidation would be the best way to ensure trade debts would be repaid and as many parts of the business as possible were preserved.
Labour’s Clayton Cosgrove said it was a sad day for Solid Energy and laid the blame at the feet of former SOE Minister Tony O’Ryall for forcing Solid Energy to rack up debt and extract dividends. He accused the Government of doing nothing when the price of coal tumbled.
Louise Upson moved a motion on the New Zealand netball team congratulating them on their results so far in the World Cup
Earlier Leader of the House Gerry Brownlee said when the House sat next on August 18 the Government would give priority to the Health and Safety Reform Bill and the Appropriation (2015/16 Estimates) Bill.
A petition requesting Parliament ban the tethering of goats on the side of roads was presented.
The annual Report of the proceedings and operations of the Local Government Commission and the Attorney-General, Report of the, under the New Zealand Bill of Rights Act 1990 on the Child Protection (Child Sex Offender Register) Bill were presented.
Select committee reports were presented on the Petition 2011/0127 of Charlotte Purdy by the Government Administration Committee and the Report from the Controller and Auditor-General, Effectiveness of governance arrangements in the arts, culture, and heritage sector by the Government Administration Committee.
The Electricity Industry (Small-Scale Renewable Distributed Generation) Amendment Bill, Keep Kiwibank Bill and the Affordable Healthcare Bill were introduced after they were drawn from the ballot earlier today.
The Government also introduced the Child Protection (Child Sex Offender Register) Bill and the Employment Standards Legislation Bill employment standards.
MPs then began Question Time.
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