By NZPA
Thursday 14th December 2006 |
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The association wanted to move to liquidation so it could try to have the ex-directors banned by the Ministry of Economic Development from other boards for up to five years and set up a fund to investigate possible litigation.
Chairman Tim Saunders and directors Michael Feeney, John Hagen and David Hunter resigned on October 19, while former chief executive Peter Thomas, who was also a director, resigned when receivers were appointed on September 22.
The sale of Feltex assets and operations to Godfrey Hirst was completed this month and the company renamed EXFTX.
The proceedings also revealed that the sale to Godfrey Hirst did not realise enough money to pay out Feltex's bank, Shareholders Association director of advocacy Ross Dillon said.
Receiver Colin Nicol confirmed that a "small amount" remained unpaid to ANZ but he did not think it was of great relevance to yesterday's liquidation order.
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