Nido s trading company owes $22.3m: Magsons Hardware s first receiver report out
12 Feb, 2021 04:32 AM
3 minutes to read
The trading business of New Zealand s biggest furniture and homeware store owes $22.3 million in debts to staff and Inland Revenue but unsecured creditors will not get a cent. Accounts in the first receiver s report of the Henderson-based Magsons Hardware, trading as Nido, shows the extent of liabilities and how the business cannot pay those without security any of the $22.3m.
Liabilities are listed at $15.7m debts, $4.6m accounts payable, $666,000 employee provisions, $502,000 Inland Revenue deferral and $778,000 in other liabilities .
Kare Johnstone and Conor McElhinney of McGrathNicol said they were doing their very best to try to sell the failed business by continuing to operate it to generate money.