A Dunedin ticketing company placed into liquidation has left creditors nearly $10 million out of pocket. The company was owned by former Dunedin businessman Matthew Davey, who was once the largest shareholder in the Highlanders. The final liquidation report, released this week, stated that Fortress’ total indebtedness to the Bank of New Zealand, a secured creditor, was $5,124,195.17. The liquidator had also received a preferential claim from the Inland Revenue Department for GST and PAYE arrears of $512,163.97. ‘‘Unfortunately, there were insufficient recoveries in the liquidation to enable a distribution to unsecured creditors,’’ the report said.

Source: Otago Daily Times November 21, 2024 23:35 UTC