Hunter Building Company Collapses Under Mounting Debt.

BY IAN CROUCH

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.

Martin Building Services Placed In Liquidation

Darby's Pies Closes With $3-Million In Debt

BY IAN CROUCH

It's been revealed iconic Newcastle bakery, Darby's Pies has been placed in liquidation owing $3million to creditors.

The business, which opened in 1969, was placed in voluntary administration in March while attempts were made to keep the company trading.

However, the decision was made at the weekend to close the doors for good yesterday, leaving 120 people out of work.

The company operated 27 stores across Newcastle.

It's unlikely the company will be able to pay employees their entitlements - they'll instead have to access the Federal Government's Fair Entitlement Scheme.

Staff at Darbys Pies were told on Monday they no longer had jobs. Picture: NBN News