Fletcher Steel was successful yesterday in its High Court application to have Dunedin niche engineering company DC Ross forced into liquidation, over a debt of more than $600,000.
DC Ross was placed in receivership by its majority shareholders, Dunedin business family the McConnons, in mid-September, with debts totalling almost $19million.
Liquidation proceedings will now overtake the receivership, which had the potential for a partial or full sale of the business.
The lions share of the debt is to the McConnon family trusts holding company Aorangi Laboratories Ltd, the 72.5% shareholder, which is owed $13.7million.
Up to 40% of the companys work was for giant Chinese whiteware manufacturer Haier, which owns Fisher & Paykel A…
Read the full article at: https://www.odt.co.nz/business/court-places-dc-ross-liquidation