Website shows credit crisis bargains

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A new website has been launched to advertise possible bargains generated by businesses that have got themselves into financial strife.

Distressedsales.co.nz has been set up to list mortgagee sales, company liquidations, receiverships, repossessions, asset disposal, and overstocked or surplus goods. The website has been set up by entrepreneurs Dave Macfarlane and Jodie Tipping.

"We didn't set out with this in mind, but it's clearly going to provide access to products that wouldn't otherwise be widely offered in the public domain," said Mr Macfarlane.

He said they had contacted insolvency specialists and company accountants nationwide.

"They are telling us that distressedsales.co.nz has come along at just the right time. Most specialist accountancy firms have their 'hospital wing' full of sick or dying companies. They need a place to market the recoverable assets in a professional and profitable manner."

The website backers are directors of Tauranga-based digital solutions company Cucumber, which manages e-commerce sites for Panasonic NZ, ZESPRI International, Comvita, Craigs Investment Partners, Fisher & Paykel Healthcare and Orb Communications.

- © Fairfax NZ News