It was put into receivership after the liquidation of the construction company building the store, Vijay Holdings, in November. Both companies share the same sole director, Nido founder Vinod Kumar, who was also in charge of a related company which went into liquidation last week, Magsons Investments.
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Nido topped into receivership after the company building the store collapsed in November. Other factors contributing to Magsons Hardware’s failure included trading challenges and a lack of funds to cover losses and ongoing trading costs, the report said. The company had over $13.5m in assets and $22.3 million in liabilities. Other items on its books included $18.22m in intercompany loans and intercompany debt of $10.5m.