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Stonewood Ashburton franchise owes more than $700,000
Stonewood Homes Ashburton, which went bust following a spat with the Christchurch master franchise, owes creditors more than $700,000.
A first receiver's report shows more than 70 creditors based in Christchurch and Ashburton are out of pocket after the company entered receivership in October 2016.
Receiver Robin Gardenbroek released his first report into the company's affairs just after Christmas.
It showed the company blamed difficult trading, due to the demise of the Christchurch franchise and the head office of Stonewood Homes, as one reason for its downfall.
The Ashburton franchise managed projects using contract builders, suppliers and sub-contractors to build residential homes.
Read the full article by Nick Truebridge > Business Day - stuff.co.nz