I'm living on borrowed time, ex-developer tells court
"...good on Backmore for not giving up and trying to do the right thing."
Featured commentFormer high-profile Wellington property developer David John Blackmore has been given another month to avoid bankruptcy.
In Wellington High Court associate judge Jeremy Doogue warned Mr Blackmore he better act fast as he has an expired bankruptcy notice and he was living on borrowed time.
“I’ve been on borrowed time for some time,” Mr Blackmore remarked.
Blackmore Trust owned and managed Cuba Street's iconic James Smith corner.
The trust went into liquidation in July last year.
Loss of tenant income 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.
Mr Blackmore told associate judge Doogue he owed Ullrich Aluminium about $5000 and had made an offer to repay them.
But he said Ullrich turned down the offer.
“I thought that would satisfy them but it seems they’re insistent on bankruptcy rather than being paid… There’ll be nothing available.”
Ullrich had told him they wanted to send a signal to the marketplace they were serious about collecting their debts.
He said a current contract he had would last four years and he needed time to present it to creditors.
Associate judge Doogue granted an adjournment until September 24 to allow Mr Blackmore to present the arrangement to creditors.
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Comments and questions3
I know The Doctor will be angry, but good on Backmore for not giving up and trying to do the right thing. Ulrich may feel justified, and indeed it is their prerogative to pursue him, but at what cost? Particularly to the taxpayer who is paying the courts and will have to pay the Insolvency Service.
must be more to this than a lazy $5K?
if Ullrich are refusing to take the $5K and push on with tipping him over no doubt many other creditors will loose out
As somebody who bankrupted one of David's companies, I can testify that he is actually a pretty decent guy that got a bit carried away with it all and in a bit over his head. He's made a lot of bad decisions but when under pressure it is understandable. I was owed a 7 figure sum several times over, with security but without a pg. He made lots of little payments by selling small personal assets which obviously he wasn't required to do. To his own detriment he hasn't taken a bury all the assets in a hole in the back garden and declare bankruptcy approach, he has tried to hang on and has taken responsibility for his debts which has prolonged the agony. There might be $5k but there wouldn't be much else. I had to go through the wind up to ascertain this with his business, and what he said was true. I wish you luck David, I'm sure you know who I am.