Two Pauanui Resort Lodge companies insolvent

The second Pauanui Lakes Resort company this month has been put into liquidation, contradicting owners' comments that everything is fine at the development.

Lake Resort Villas, which had changed its name to Villa Management on Wednesday, was put into liquidation in the High Court at Auckland today.

An Inland Revenue application to have this company put into liquidation was unopposed and Associate Judge David Robinson said the evidence satisfied him that the company was insolvent.

Lakes Resort Services, which is owned by the same company as Lake Resort Villas, was put into liquidation on February 18.

The IRD applied today to put Lakes Resort Golf and County Club and Pauanui Lakes Properties into liquidation. BNZ appeared in court as it is a creditor of Lakes Resort Golf and County Club.

The application to liquidate was adjourned until May  in the hopes that the parties involved can sort out the alleged debts.

All of the companies are owned by Investment Holding (Pauanui), which is owned by Richard Herbert, Trevor Toohill and Gary Douglas.

The resort is comprised of an 18 hole golf course with a restaurant, and 65 residential sites, 33 villas to be built on 13 sites, 78 terraced apartments to be built on 12 sites, two hotel sites and 30 future development sites.

Rumours that the companies related to Pauanui Lakes Resort are in financial trouble have surfaced in recent weeks after advertisements for the sale of the resort were listed on the Bayleys website.

While agent Michael Pleciak said the listing was a “mistake” when NBR asked him about it, a month on the “mistake” has not been rectified and the partly developed golf course is still featured on the website.

Mr Pleciak could not be contacted to comment on this.

The 85ha property has a capital value of $7.8 million and according to the owners, their intention had always been to sell the site.