The last of the companies that came under ELE Group - the labour hire firm that went into receivership just before Christmas - has now folded and will be sold.
Until yesterday ELE Security was the only one still in operation after receivers were appointed to five of the six companies.
The companies that dealt largely in the construction sector had employed hundreds of employees - many newly arrived migrants. It was revealed last month that they owed creditors a combined $12m, more than $4m of that was owed to former employees.
In a statement Deloitte receiver David Webb confirmed ELE Security's sale will free up additional funds that will help them "support affected stakeholders, including employees".
He said Brent Mulholland, the company's sole director, requested late yesterday that the security company be placed into receivership to enable its sale.
ELE Security has been bought by Red Badge Group - a NZ-owned company that provides security services nationwide.
"The transaction with Red Badge allows for the ongoing employment of staff, continuity of security services and risk management training offering for the existing ELE Security customer base," said Webb.
Red Badge chief executive Ben Wooding said it is an "exciting" opportunity for it to expand its business and to "provide continuity" to ELE staff and customers.
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