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The Joneses, a fixed-fee real estate agency chain, has told vendors it has asked liquidators to be appointed to its business.
Lynn Lucy-Hauck of The Joneses has sent a notice to all vendors headed "insolvency" and telling them what to do about money paid to sell their houses.
"We have had to come to the very hard decision that as of today The Joneses will cease trading and that it is our intention that Meltzer, Mason & Heath will be appointed as liquidators.
"This is one of the hardest decisions that we have ever had to make and not one that we ever thought, we would have to make.
"Given that decision is now made, we now need to work with urgency to ensure that we are able to transfer the selling and marketing of your property to another agent of your choice so that there is as little interruption as possible to this very major part of your life."
The Joneses' business model was based on the payment of a single flat fee of $8995 by customers wishing to sell their house, instead of the normal industry-standard percentage based fee.
Earlier today the firm announced it had called off plans to list on the New Zealand sharemarket via the backdoor on the alternative board, NZAX.