The receivership of a locally-owned accommodation company is being wound up after almost six years.

Stevens Motels Ltd was placed in the hands of receivers in July 2010, owing almost $400,000 to the Southland Building Society.

That debt remains outstanding, despite the sale of all assets and property worth over $1m.

The company is owned by Colin and Julie Stevens, of Dunedin.

Insolvency Management Ltd finished with the case last week although substantial debt and liabilities remain.