Unsecured Cunningham creditors miss out

22:34, Nov 11 2012

Unsecured creditors of Cunningham Building and Construction will not be paid, the final receiver report says.

Appointed receivers Colin Gower and Stephen Tubbs, of BDO Christchurch confirmed that $1,003,964 owed to 46 unsecured creditors, who had made claims to liquidators, would not be paid.

All assets capable of commercial realisation totalled $905,868, the report says.

During the receivership, their appointee, Westpac was paid $538,000 but a balance of $156,000 was outstanding.

All preferential creditors of the company had been paid in full. A total of $97,580 was paid to them.

All issues regarding the receivership had been resolved and the receivers had now finished.


The Southland Times