PHOTO: NONE Work on Hawke’s Bay Airport was one of the projects caught up in Arrow’s failure.
Two firms owned by a Christchurch business family have won the right to have nearly $1 million ring-fenced in the fallout of the Arrow International (NZ) collapse.
The High Court in Christchurch has found that money paid by seven companies to construction company Arrow but meant for sub-contractors, should be kept in trust for that purpose.
The total sum of $1.3 million will be kept from going into the general creditors’ pool. Arrow went into voluntary administration in February owing more than $40 million to over 700 unsecured and 85 secured creditors.
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