Liquidators Sue Former solarZero Directors Over $476m Creditor Losses

Liquidators of the collapsed residential solar company solarZero have launched High Court proceedings against four former directors, alleging that pre-collapse decisions left remaining creditors facing an estimated $476 million in losses, 1News reported. Adele Hicks and Malcolm Moore of Grant Thornton New Zealand filed the claims on behalf of Lunar Infinity Limited, which traded as solarZero before collapsing in November 2024.

The legal action targets four former directors under sections 135, 136, and 137 of the Companies Act 1993. According to court filings cited by 1News and RNZ, the liquidators allege reckless trading, incurring obligations the company could not meet, and breaches of directors’ duties of care, diligence, and skill.

Liquidators Investigate Solar Business Collapse

Grant Thornton liquidators stated that an extensive investigation into governance records, financing arrangements, trading performance, and related transactions preceded the court filing. The company operated as one of New Zealand’s largest residential solar businesses, providing rooftop solar and battery systems under long-term subscription contracts before entering liquidation alongside five subsidiaries. The firm cited unsustainable operating losses and liquidity constraints at the time of its collapse.

The company’s ultimate parent group at the collapse was BlackRock Inc, the world’s largest asset manager. The sudden collapse of solarZero by its multinational owner previously drew anger from workers, while government-owned NZ Green Investment Finance held a $145 million loan in the enterprise, according to 1News and RNZ reporting.

Creditors Owe Estimated 476 Million Dollars

Creditors yet to be adjudicated are owed an estimated $476 million, according to Grant Thornton’s latest report cited across the coverage. Initial liquidator reports suggested the firm owed more than $40 million to staff and creditors, but that figure expanded as investigations progressed.

"The company benefited from significant public and private investment and left creditors with substantial losses, so it’s important to pursue those claims and maximise any potential recovery available," Adele Hicks said in statements reported by 1News, The Press, and RNZ.

The proceedings have been filed on behalf of the company. Any funds successfully recovered through the High Court process will be distributed to stakeholders in accordance with Schedule 7 of the Companies Act 1993, as reported by RNZ and 1News.

Defendants May Respond Through High Court Process

The allegations have not yet been tested in court, and the defendants are entitled to respond to the claims. The matter will now proceed through the formal High Court judicial process, with no timeline yet established for hearings or defense filings.