Armstrong Downes Commercial Creditor Trying to Replace Liquidators

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A large creditor of failed Wellington construction company Armstrong Downes Commercial is trying to replace the liquidators with someone with “some teeth” to ensure subcontractors get paid, reported. Armstrong Downes (ADC) shareholders had appointed David Ruscoe​​ and Russell Moore​​ from Grant Thornton as liquidators. However, Lower Hutt developer Kevin Melville, whose High St Holdings 2020 Ltd was a client, said he wanted to replace them with Damien Grant of Waterstone Insolvency as the new liquidator. ADC had two directors, Doile​ and Taylor​. Its shareholder, 2 HB Ltd, was owned by Doile and Yellow Roof Trustees, which was in turn owned by Taylor and Lower Hutt lawyer Eugene Collins. Melville, through Brent Norling of Norling Law, proposed a creditors’ meeting to vote on replacing the liquidators with Waterstone. n a letter to creditors, dated May 23, Ruscoe said the liquidation was only three weeks old, and the priority had been to secure sites and assets. Court action would come at a cost to creditors, and being "aggressive" and "robust", as Norling described Grant, “doesn't necessarily mean that the best decisions are made”. Read more.