Liquidation
On February 27, 2012, it was announced by the New Zealand Rugby Football Union that the Otago Rugby Football Union would be put into liquidation on March 2, 2012. According to the NZRFU, the negative equity held by the ORFU amounted to more than NZ$2 million. It was subsequently announced that the liquidation was to be put on hold until March 16, 2012. On March 15, 2012, a deal was struck between the union and the Dunedin City Council that allowed the union to continue operations.
Read more about this topic: Otago Rugby Football Union