DEBT packed Border firm Magi-Build will be wound-up with creditors rejecting a deal which promised a return of 20 cents in the dollar.
Administrator Chris Chamberlain advised creditors to accept a deed of company arrangement which would have involved Magi-Build director Paul Maginnity contributing $300,000 via asset sales.
But as part of a 90-minute meeting at Alburys Commercial Club on Monday morning, creditors opted instead to send Magi-Build, which owes $1.2 million, into liquidation.
Based on an optimistic outlook unsecured creditors may now get 15 cents per dollar or zero if the most pessimistic forecast is realised.
Flashback: Paul Maginnity pictured in 2010 with an award Magi-Build received for its work on the Albury airport terminal….
Read the full article at: http://www.bordermail.com.au/story/4450293/magi-build-to-be-liquidated/