Nido's trading company owes $22.3m: Magsons Hardware's first receiver report out 12 Feb, 2021 04:32 AM 3 minutes to read The trading business of New Zealand's biggest furniture and homeware store owes $22.3 million in debts to staff and Inland Revenue but unsecured creditors will not get a cent. Accounts in the first receiver's report of the Henderson-based Magsons Hardware, trading as Nido, shows the extent of liabilities and how the business cannot pay those without security any of the $22.3m. Liabilities are listed at $15.7m debts, $4.6m accounts payable, $666,000 employee provisions, $502,000 Inland Revenue deferral and $778,000 in "other liabilities". Kare Johnstone and Conor McElhinney of McGrathNicol said they were doing their very best to try to sell the failed business by continuing to operate it to generate money.