Stanley Group collapse: 500 companies owed money
A business owner caught up in the collapse of the Stanley Group of construction companies said it could sink his own firm as well, and have ripple effects outside of the 500 companies directly owed money.
Six Stanley construction group companies were placed into liquidation last week, and four associated Tallwood companies, with 120 staff in Waikato and Auckland laid off.
Today’s first liquidators report shows the companies owe $9.5 million to external creditors, and are $13.5 million in deficit.