CHRIS HUTCHING/STUFF
Steel construction became more popular after the 2011 earthquakes in Christchurch.
The main secured creditor of Christchurch-based Challenge Steel which went bust last year has been repaid $6727 – but further significant recovery of the total $10 million debt is unlikely.
About $6m of the $10m was owed to 40 unsecured creditors which included suppliers and sub contractors. Employees of Challenge Steel received a preferential payment of $57,000 from the liquidator.
The biggest winners out of the liquidation process so far included lawyers who were paid $230,850 and t…
Read the full article at: https://www.stuff.co.nz/business/103626949/liquidation-fees-take-lions-share-of-challenge-steel-payments