In mid January the matter was settled between the parties and the court then ordered the receivership to be overturned. The court agreed that the receiver should not have been called in. It was found to be a false appointment, says a relieved Steve Baugh from Carter Technology. According to Baugh the sticking point between the two parties had been a technicality in the contract for the purchase of the company. It was basically a technical contract dispute which was resolved outside the receivership. There has been a settlement, he explains.
The good news is that Carter Technology is back in business and proceeding as normal, adds Baugh. "We are manufacturing blades for the existing machine for export mainly to India." Carter Technology is active in India through its joint venture partnership with Sangeeth Textiles.