The liquidators said the company had been put into liquidation after revenue opportunities, which it had been pursuing in New Zealand and other marketplaces, "failed to materialise". 

 

"While it is likely all creditors will be paid, should they not be, during the liquidation we will, pursuant to the [Companies]  Act, investigate the actions of the directors to ensure all relevant legislation has been complied with."

PwC will now go about selling the company's assets which include inventory, spare parts, plant and equipment, cash and intellectual property for its double-bladed turbine technology.

Three of Windflow's six employees were given notice prior to the liquidation and the remaining three would help with the company's wind-down. All staff entitlements were paid prior to the company's liquidation, PwC said. 

Windflow's founder Geoff Henderson resigned as chief executive from the company two years ago, but remained as managing director, by which stage the company was operating as a going concern.

The company listed in 2003 with shareholder support from some leading names in the alternative energy sector, including former Green Party leader Jeanette Fitzsimons.

But it proved impossible to break into the market in a big way, aside from its partnership with NZ Windfarms, an unrelated company.

Nearly 76 per cent of the company is owned by David Walter Iles of New York.

Fitzsimmons and former Wellington mayor Celia Wade-Brown and her husband Alistair Nicholson, are among the many small shareholders, and Mercury NZ owned 2.58 per cent.

Windflow supplied 97 turbines to NZ Windfarm's Te Rere Hau wind farm in the Tararuas, and it also maintained eight turbines in Scotland, owning six of them. 

However, it sold its UK turbines to Iles in exchange for a $23 million debt to him, and in February Iles sold his entire stake to Constantine Wind Energy, ending Windflow's maintenance contract from March next year.