Liquidators sue four former SolarZero directors over $476m collapse

Liquidators of Lunar Infinity, formerly known as SolarZero, have filed High Court proceedings against four former directors. Adele Hicks and Malcolm Moore of Grant Thornton New Zealand allege the directors breached duties regarding reckless trading, care, and diligence. They claim these decisions caused the company to incur obligations it could not meet, resulting in significant losses for creditors.

The company collapsed in November 2024 due to liquidity constraints and unsustainable operating losses. Unadjudicated creditors are estimated to be owed approximately $476 million. At the time of its liquidation, SolarZero was one of New Zealand's largest solar providers, managing roughly one-third of the country's solar installations.

The company operated a monthly subscription model for solar and battery systems. Most customer contracts and assets were transferred to special-purpose trusts controlled by the Public Trust to protect them during the insolvency process. This move ensured that customers were generally not creditors of the companies in liquidation.

Financial backing for the firm included a $145 million debt facility from the government-owned New Zealand Green Investment Finance. Additionally, a BlackRock-controlled fund had purchased SolarZero for $110 million in 2022 and later injected $147.8 million.

How it developed

• Fri 2 Oct, 5:49amThe report identifies specific directors listed in Companies Office records and provides a personal account from a contractor affected by the collapse.

Where reports differ

• One report states the government loaned the firm $150 million, while others specify a $145 million debt facility from NZ Green Investment Finance

Compiled from reports by NZ Herald, The Press, Newsroom and 1News.