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The underbelly of an underwrite
Tim Hunter
Fri, 20 Feb 2026
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Thu 19 Feb 2026 09:20:30pm
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Property flipper’s real estate firm enters liquidation
Rickhil Prakash’s real estate firm has been placed into liquidation. The High Court appointed liquidators from PwC to HRE 2021 Ltd on Wednesday, following an application from Inland Revenue for unmet tax obligations.
Prakash is one of the country’s most prolific property flippers but has fallen foul of the tax department in recent years over unpaid tax. HRE is the fourth company connected to him that has been tipped into liquidation by the IRD since 2023.
The three other companies collectively owe the tax department $13.7m, most of which relates to unpaid GST.
The first liquidators’ report on HRE will be released in late March, providing an initial snapshot of how much the company owes to creditors.
Prakash had his assets frozen by liquidators last year as they initiated proceedings against him and five other entities. It comes as liquidators found properties were transferred just prior to liquidation, and potential breaches of directors’ duties. Prakash was approached for comment.
Pacific Edge shares go into trading halt as crucial meeting held
NZX and ASX-listed cancer diagnostics company Pacific Edge has been granted a halt in trading of its shares while an expert panel in the US considers coverage for some of its CXbladder tests, which were included in the American Urological Association microhaematuria guideline.
Novitas, the firm’s Medicare Administrative Contractor is holding a Contract Advisory Committee meeting with urologists at midday Friday NZ time, when the company’s shares would normally be trading.
The public meeting will discuss the use of urine-based biomarkers in patients that present with microhematuria. Because the meetings are generally held ahead of developing new or substantially revised medical policy as a draft Local Coverage Determination, the content of the meeting could indicate whether the MAC will develop a draft LCD to support Medicare reimbursement of Cxbladder tests.
Pacific Edge plans to release a statement about the CAC meeting before the market opens on Monday.
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Thu 19 Feb 2026 09:16:21pm
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