A locally-owned company is being liquidated as part of a restructure.

Moray Plastics Limited was placed in the hands of liquidators a couple of weeks ago.

Its assets are listed as being worth just over $100,000.

There is no debt detailed within the liquidator's first report.

They say the liquidation is part of a restructure of the company, which has remained solvent.

Moray Plastics has been operating for more than 20 years, and is directed by Alastair and Rowena Wisnesky, of Dunedin.