Former high-profile Wellington property developer David John Blackmore has been told he has an "awfully long problem ahead" to solve, as he tries to avoid bankruptcy.
Blackmore Trust owned and managed Cuba Street’s iconic James Smith corner and a number of other Cuba St buildings.
The trust went into liquidation in July last year.
In Wellington High Court today, lawyer Paul Chisnall obtained a month's adjournment for Mr Blackmore to present a compromise to creditors.
Associate Judge John Matthews said Mr Blackmore faced an "awfully long problem".
Loss of tenant income from Mr Blackmore’s buildings and the economic downturn were blamed for the insolvency.
The company's assets consisted of land, buildings and funds held in a trust account which were passed on to the liquidators.
The James Smith building had a 60% occupancy rate and a rateable value in excess of $20 million. Blackmore Trust also had an interest in vehicles owned by Bentley Trust.
At a hearing last month, Mr Blackmore said he owed Ullrich Aluminium about $5000 and had made an offer to repay them.
But he said Ullrich turned down that offer.
He was warned at the time to act fast as he has an expired bankruptcy note.
Mr Chisnall told NBR ONLINE Mr Blackmore would present his compromise offer to creditors, who would either accept or reject it.
He says that if accepted, the compromise would then need to be approved by the court on November 5.