Bondholders owed about $23.56 million will get nothing back after a company which had sought to develop a large chunk of Albany on Auckland's North Shore went into liquidation.Liquidators were appointed to Albany City Property Investments early this month
Bondholders owed about $23.56 million will get nothing back after a company which had sought to develop a large chunk of Albany on Auckland's North Shore went into liquidation.
Liquidators were appointed to Albany City Property Investments early this month by a special resolution of shareholders.
In a November 2006 prospectus, amended in February 2007, chairman Kevin Podmore said the company would initially grow its property holdings organically through development of strategic parcels of subleasehold land in fast growing Albany city.
The first phase of the company's strategy involved the purchase of perpetually renewable subleasehold interests in 12.85ha of developable land.
Once fully developed, the initial portfolio of the company was to include residential premises, commercial offices, a variety of bulk retail stores, specialty retail stores, a hotel, a retirement village and retail properties.
In a first liquidators' report, joint liquidator John Cregten of Corporate Finance said it was believed the value of the assets of Albany City Property Investments available for distribution to unsecured, non-preferential creditors was likely to be zero.
"The sub-leases held by the company have been terminated by the lessor. The company does not own any further assets and therefore the liquidators advise there will be no surplus funds available for distribution to bondholders of the company."
An estimated statement of assets and liabilities shows the amount owing to bondholders to be $23.56m.
