G & T Young, operated by Dunedin jeweller Roy Young, failed to stop an application to the High Court in Dunedin yesterday (January 26) seeking to liquidate the store, believed to be Dunedin's oldest family business.
The application was made on behalf of an Auckland-based jewellery manufacturer Brian Oughton, who claimed to be owed $23,000 by the 147-year-old family jewellery business.
Young disputed the amount owed to Oughton and argued that several repayments in January had not been counted by the firm.
According to reports in Fairfax newspapers, Young told the court he did not dispute the need for G&T Young to be placed in liquidation.
On January 9, his buy-in group came to the store and took their stock because of concerns over the liquidation application. Since then, he had had no stock and buy-in groups had refused to deal with him, so that had meant he was unable to pay his bills.
Judge Christianson said while he was sympathetic to the circumstances faced by Young he had no choice but to order that the company be placed in the hands of a Dunedin insolvency and liquidation company.