Gisborne Forestry Firm Stubbs Contractors Liquidated, Creditors Face Millions in Shortfall

The liquidation of Gisborne forestry firm Stubbs Contractors Ltd has concluded with a significant shortfall for creditors. The company, which operated for 23 years and at its peak employed 70 people, has managed to recover only $341,898. This amount falls drastically short of the nearly $4.5 million reportedly owed to creditors.

Stubbs Contractors Ltd entered liquidation in 2023 following a special resolution by its shareholders. This decision came amid a challenging economic climate that saw several other local businesses within the forestry industry also collapse. The company's closure marks the end of an era for a firm that was a notable presence in the Gisborne region's forestry sector.

Robert Stubbs, the founder, shut down the company in 2023. The liquidation process aims to distribute any available assets among those the company owed money to. However, the substantial difference between the recovered funds and the total claims highlights the severe financial distress experienced by the business and its creditors.