Haelthtech: Software Startup Fails, Owes Nearly $1 Million
Haelthtech, a short-lived software firm focused on the health insurance industry, has collapsed with debts approaching $1 million. The final figure may increase as the liquidator awaits a claim from Inland Revenue.
Haelthtech New Zealand (spelled with an ‘h’ instead of a ‘l’) was established in September 2019, just before the COVID-19 pandemic. Its founding directors were Trevor Lynds, former chief executive of Aetna Health NZ and a director of Southern Cross Healthcare, and Simon Spratt. Lynds, who passed away in 2021, had been involved in several health-related companies, including Obsidium Holdings, a failed healthcare software maker where he and Spratt also served as directors.
In July 2023, Inland Revenue requested the High Court to place the Auckland-based company in liquidation. Daniel Zhang of McDonald Vague was appointed as liquidator on February 5 and issued his initial report on February 17. At the time of liquidation, Spratt was the sole director.
According to the liquidator’s first report, “The director advised the company was placed into liquidation due to the Covid-19 pandemic and the company’s main contractor cancelling the contract on a short notice.”
Zhang reported that the software firm had been inactive for roughly 18 months before his appointment. The primary potential asset identified is a shareholder’s current account with an overdrawn balance of $244,663. Zhang noted that this collectible pertains to Lynds, now a deceased shareholder. The liquidator is evaluating whether Lynds has a deceased estate and if funds can potentially be recovered from it.
The total estimated debt is $894,624, with Inland Revenue yet to file its claim. Based on information provided by the company, the first report estimates that IRD is owed $308,670.
Haelthtech also owed $180,331 in loans and $405,623 to trade creditors. These included Google New Zealand and LPS New Zealand, a project services consultancy. ACC (Accident Compensation Corporation) is also listed as a creditor.
Spratt was the majority shareholder. TDI Ventures, based in Singapore, and J & J International Health Care, based in the Netherlands, held smaller stakes.
Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.
