Update on Computer Power (NZ) Limited (In Liquidation)

30 March 2012

News Release

Update on Computer Power (NZ) Limited (In Liquidation)

John Fisk and Jeremy Morley, of PwC, as the Liquidators of Computer Power (NZ) Limited (In Liquidation) today provided an update on the progress of the Liquidation.

The Wellington Institute of Technology (WelTec) and Whitireia Community Polytechnic (Whitireia) and related entities of both organisations are working on a package which will enable a potential way forward for all involved parties, including the staff and students of Computer Power. It is anticipated further information on the package, which is yet to be approved by the Institutes' governing body, will be made available to staff and students early next week.

WelTec and Whitireia and related entities have a strong reputation in the market as providers of IT training which is closely aligned to industry needs. Both institutions offer certificates through to degrees and already work with domestic and international students. The Computer Power programmes are a good strategic fit for WelTec and Whitireia.

It is clear to both Institutes that the students and staff are very loyal to Computer Power. WelTec and Whitireia appreciate this and are keen to ensure a smooth transition through this difficult period.

The Liquidators are pleased with the work that has been done to date with everyone aiming to provide as much certainty as quickly as possible to the students and staff of Computer Power. We acknowledge the situation is still unsettling for those affected by the Liquidation.

The details of the agreement are still being finalised. There is likely to be a transition period of two to three weeks whilst various matters are finalised.

The agreement has the support of the Tertiary Education Commission and the New Zealand Qualifications Authority who have been engaged in the discussions throughout the course of the Liquidation to date.

Students are urged to continue with their studies until a formal announcement is made early next week.

The Liquidators will provide further updates as appropriate.

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