Supreme Court pulls plug on four PowerVault subsidiaries

A LIQUIDATOR has been appointed to wind up four companies linked to renewable energy business PowerVault.

Victoria’s Supreme Court on Wednesday issued wind-up notices for PVLT Mildura Pty Ltd, PVLT Newcastle Pty Ltd, PVLT Canberra Pty Ltd and PVLT QLD Pty Ltd.

Together, the entities owed creditors more than $928,000, according to an affidavit filed during the hearings.

The parent company of the four entities is PVLT Holdings Pty Ltd, two-thirds of which is owned by director Daniel Flynn and the other third by Timmis Investments Pty Ltd, which lists Mildura businessman Steve Timmis as director.

PowerVault’s plans to build three Sunraysia solar farms were rejected by Mildura Council last year, although the company planned to contest the decision at the Victorian Civil and Administrative Tribunal (VCAT).

In an affidavit, Mr Flynn said the owner of the three properties – which may be worth more than $1 million – was PVLT Holdings and not one of the four subsidiaries.

Wind-up proceedings were initiated by Powerark, a nationwide solar wholesale distributor.

The matters were adjourned four times by the Supreme Court as PowerVault representatives said they were in the process of setting up a new loan, which would inject funds into the group.

Mr Flynn’s affidavit also revealed businessman Mark Bryers, who is banned from being a director or manager of a company in New Zealand until 2022, had “invested” in PowerVault and was helping facilitate the new loan.

Vincent Pirina was appointed liquidator.

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