The former Bruce Woollen Mill in Milton. PHOTO: GERARD OBRIEN
The liquidation of the Bruce Woollen Mill in Milton has been completed.
In 2017, Insolvency Management Ltd principal Iain Nellies, of Dunedin, sold off the companys plant and equipment, which allowed secured creditors to be paid $350,000 as well as nearly $400,000 for costs such as running expenses and receivers fees.
A shortfall of $4.3million remained owing to all creditors, Mr Nellies said in his final receivers report issued in 2017.
After a review of the mills books and records from when the company went into liquidation in March 2016, PricewaterhouseCoopers liquidator Malcolm Hollis started litigation against a secured creditor that had received some of the funds rais…
Read the full article at: https://www.odt.co.nz/business/woollen-mill-liquidation-leaves-creditors-well-short