'Son of Blue Chip' liquidated
UPDATED: Blue Chip remnant Northern Crest Investments was this morning placed into liquidation in Auckland’s High Court
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Blue Chip remnant Northern Crest Investments was this morning placed into liquidation in Auckland’s High Court.
The liquidation was at the request of expatriate Kiwi businessman Ross Haywood who was seeking to enforce a statutory demand for $A142,000.
Earlier this year, Northern Crest, New Zealand-registered but Sydney-based, failed in its attempt to set aside the statutory demand, which arose from a guarantee given by Northern Crest subsidiary Maine Sheldon Holdings, now in liquidation, in April last year.
This morning, Mr Haywood’s lawyer Daniel Grove asked for the immediate liquidation, on the basis of public interest.
The order was made by Associate Judge Tony Christiansen at midday.
NBR understands Northern Crest has a claim against Mr Haywood for a larger sum, but there was not sufficient evidence presented in court to support that.
As the liquidation proceedings made their passage through the court this year, it was suggested Northern Crest was looking to emigrate to the Australian Register of Companies – a move that would help it escape the New Zealand court system and dodge liquidation proceedings that could arise here.
Two years ago the Registrar of Companies failed in its own application to liquidate Northern Crest, which was made on the grounds the company was insolvent and had breached Companies Act requirements around financial record keeping.
Blue Chip collapsed in February 2008 and hundreds of investors suffered substantial losses. Managing director Mark Bryers was bankrupted in October 2009 owing creditors $230 million.
Northern Crest has been attempting to extinguish legacy issues so it can get on with its plans to replicate the scheme across the Tasman.
In a presentation to investors last week, the company said its business model had been “validated” and will now look to raise $A10 million to fund its residential property scheme in Australia.
Georgina Bond
Thu, 02 Jun 2011
Thu, 02 Jun 2011
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'Son of Blue Chip' liquidated
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