Unsecured Cunningham creditors miss out

COLLETTE DEVLIN
Last updated 11:34 12/11/2012

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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.

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- The Southland Times

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