KAVINDA HERATH/STUFF
Dave Hewetts financial position was described in the creditor compromise offer as being exhausted.
Former All Black Dave Hewett has done a deal with creditors to prevent the liquidation of his home-building business.
Hewett, the sole director and shareholder of Bainbridge Homes, sought a deal with creditors after realising the company could not trade its way out of its cashflow difficulties.
I have now come to the realisation that the business has no prospect of trading its way out of its current predicament given the high level of debt owing, inability to recover significant related party receivables and uncertain economic times in the wake of the Covid-19 pandemic, Hewett said when presenting the compromis…
Read the full article at: https://www.stuff.co.nz/business/122040703/deal-saves-former-all-black-dave-hewetts-housebuilding-company-from-liquidation