What, if anything, is the formal protocol followed by Kānoa for recovering taxpayer monies given out under the Regional Infrastructure Fund when the terms of loan agreements are not met?

Answer

The funding agreements for Regional Infrastructure Fund (RIF) include terms and conditions under which Kānoa – Regional Economic Development & Investment Unit (Kānoa) is entitled to recover taxpayer funds from RIF recipients in circumstances where recipients have not complied with relevant contractual obligations. Kānoa would follow a recovery process in line with the terms of the agreement, which can vary depending on the nature of the commercial arrangement in place. Recovery may also be undertaken through insolvency processes. Kānoa generally seeks to work with funding recipients to remedy non-compliance before considering formal enforcement options under a loan agreement.