PHOTO: KAVINDA HERATH/STUFF Dave Hewett pictured at a Southland Stags game in 2019.
Former All Black Dave Hewett has done a deal with creditors to prevent the liquidation of his home-building business.
Hewett, the sole director and shareholder of Bainbridge Homes, sought a deal with creditors after realising the company could not trade its way out of its cashflow difficulties.
“I have now come to the realisation that the business has no prospect of trading its way out of its current predicament given the high level of debt owing, inability to recover significant related party receivables and uncertain economic times in the wake of the Covid-19 pandemic,” Hewett said when presenting the compromise deal to creditors on June 12.
The compromise deal was approved by creditors on June 12, and Hewett told Stuff the deal, as well as a significant restructure of the business, would ensure the longevity of the business.
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