A Rutherford-based building company has been forced to fold due to mounting debt.
Martin Building Services has been placed in liquidation with debts of almost $10 million.
The company began trading in 2000 and prided itself on providing clients with innovative design and high quality residential and commercial builds.
Liquidator, James Shaw has told Fairfax employees will be paid their entitlements but there's likely to be no money left to pay subcontractors.
More than $4 million is owed to the company's banker which holds a security over its assets, while unsecured creditors are owed almost $5 million.
The assets of the company amount to $3.9 million, leaving an estimated shortfall of $5.5 million.
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| Martin Building Services Placed In Liquidation |
