The future of Dunedin engineering company D.C. Ross, at present in receivership with debts of almost $19 million, has taken a turn for the worse.
An application has been made to the Dunedin High Court by Fletcher Steel to have the company placed in liquidation.
Under receivership, the company could potentially be sold as a going concern, but if the liquidation application is successful, it could be wound up and its assets sold to repay outstanding debt. The hearing is next week, when Fletchers statement of claim will be heard.
While D.C. Ross has debts and liabilities amounting to $18.97 million, PwC receiver Malcolm Hollis said in his first report he had withheld and omitted any values of the companys assets, not wanting to p…
Read the full article at: https://www.odt.co.nz/business/dc-ross-liquidation-sought