Dorchester Pacific shareholders have voted against putting the company into liquidation.
The resolution was soundly knocked back, with only 0.23 per cent voting to call the liquidators in, at yesterday's annual and extraordinary general meeting.
The resolution was seen as having little chance of success.
The Shareholders Association had solicited written requests from more than 5 per cent of shareholders to call the special meeting.
But it withdrew support for the resolution after debenture and noteholders of Dorchester Pacific's principal subsidiary, Dorchester Finance, approved the terms of a deferred repayment plan on December 17.
Directors Barry Graham, John Gosney and Paul Byrnes were re-elected while Nikolaos Zahariadis, who nominated himself for a director's post, failed to get on the board with just 13 per cent voting for him.