Home-grown electronics retailer Newstead Technologies, which owns brands such as Apple reseller nubox, is currently in liquidation.
Their listing on the Accounting and Corporate Regulatory Authority’s (Acra’s) business filing portal indicated that the company’s status was “in liquidation – creditors’ voluntary winding up”.
This refers to the process in which a company’s assets are collected and sold in order to pay its debts.
Any monies remaining after all debts, expenses and costs have been paid off are distributed among the shareholders of the company.
When the winding up has been completed, the company is formally dissolved and will cease to exist.