I'm living on borrowed time, ex-developer tells court
Wellington High Court has given former property developer David Blackmore another month to avoid bankruptcy.
Former 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.
Blair Cunningham
Tue, 28 Aug 2012
Tue, 28 Aug 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
I'm living on borrowed time, ex-developer tells court
23330