Pauanui Lakes Properties liquidation ends with $29.5m owing
BUSINESSDESK: Liquidators of Pauanui Lakes Properties, one of a group of related companies that had been developing the Lakes Resort at Pauanui, have completed their work, leaving some $29.5 million owed to 36 creditors, according to their final report.
The company was placed in liquidation in May 2009 after failing to make any sales in the previous two years, leaving it unable to service mortgages of sections in the resort that were falling in value.
At that time, Pauanui Lakes had sold 69 bare lots, leaving 54 with a June 2008 valuation of $19.7 million, 12 condominium sites with a 2005 valuation of $5.2 million and 17 villa sites with a 2005 valuation of $1.95 million, says the first report from liquidators Cliff Parsons and Katherine Kenealy of Hamilton-based Indepth Forensic.
In their final report, the liquidators reported zero realisations or distributions.
The receivers concluded their work in April, with $5.6 million owed to Real Estate Credit, a company owned by George Kerr’s Torchlight Investment Group, which is part of Pyne Gould Corp.
Shares of Pyne Gould last traded at 29 cents and have fallen 15% this year.