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It comes as the Reserve Bank warns of rising building costs. (Video first published May 26, 2022)
In recent months, there have been a number of stories about companies going bust and taking customer deposits with them.
All Black TJ Perenara was expecting to lose up to $40,000 he paid as a deposit on a pool after the business went into liquidation last month.
Container Pools also went under, with some customers having paid up to three-quarters of the cost of their pools.
A Tauranga couple paid Modern Kitchens in Tauranga a 25% deposit of $2500 for a small kitchen renovation and the company was liquidated soon after.
Consumers are losing out and the law allows this to happen, they said.
Outdoor living goods retailer 4 Seasons …
Read the full article at: https://www.stuff.co.nz/business/money/132883946/how-consumers-can-protect-themselves-as-more-companies-go-bust