The failure of the Otago franchise of Signature Homes appears set to leave more than 150 unsecured, mainly Otago business creditors out of pocket, with total debts to all creditors estimated at $1.3 million so far.
Eleven days ago, Mulwil Construction Ltd, the Signature Homes franchisee in Otago since 2007, was placed into voluntary liquidation by its managing director, Murray Wilson, claiming at the time an outstanding $160,000 debt of one client had tipped the balance.
Liquidator Hudson Biggs for Keogh McCormack and Trevor Laing and Associates in Dunedin, said in his first report he could not yet accurately predict the prospect of a dividend to unsecured creditors.
However, information to date indicated “it is unlikely that a dividend will be available to unsecured creditors”, Mr Biggs said.
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