Precision Foundry receivers say no money for unsecured creditors

Mon, 22 Jul 2019

By Victoria Young July 23 (BusinessDesk) - The receivers of former Masport firm Precision Foundry say unsecured trade creditors and unsecured employees - who have claims of about $4.07 million - are unlikely to get anything. The Auckland-based cast iron exporter that previously employed 80 staff was placed in receivership before Christmas last year. The company, directed by Paul Ayers and Myles Cooper, turned over about $15-18 million. In a report dated July 22, KordaMentha receivers Grant Graham and Neale Jackson said it is now unli...

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