Wellington developer David Blackmore's bankruptcy ruling
“Grossly insolvent” Wellington developer David Blackmore has fought off bankruptcy with a plan to pay back creditors.
Associate Judge David Gendall has accepted Mr Blackmore’s plans to pay back $100,000 to creditors owed a total of $26.9 million.
The approved plan would see creditors owed more than $10,000 paid a third of cent back in the dollar while the four creditors owed less than $10,000 each will be paid 25 cents in the dollar.
Mr Blackmore once owned the iconic James Smith’s Corner property in Cuba St.