Last November, Arvida was sold to private equity firm Stonepeak.
“As a result, they reviewed and cut costs, including the group of companies’ nationwide contract, meaning with the current structure of the business, it was not economic to continue,” Hunt of Insolvency Matters wrote in the initial liquidation report.
That was posted to the Companies Office on December 10.
Directors and shareholders Bradley Fraser and Paul Lawrence of Christchurch closed operations and started selling motor vehicles and plant and equipment.
But the sale of various assets was not going to be enough to pay all creditors, Hunt said.
So Fraser and Lawrence sought professional advice and decided to put the company into voluntary liquidation.
Arvida is…