Auckland Council delays bond offer after court ruling opens up commercial leaky building claims

Thu, 11 Oct 2012

By Paul McBeth Oct. 11 (BusinessDesk) - Auckland Council, the local body for the country's biggest city, has delayed a $175 million bond offer to retail investors after a Supreme Court ruling opened up the way for commercial property owners to sue councils for leaky building syndrome. The council has shelved its plan to sell bonds after the majority judgment determined local authorities owed a duty of care to owners of all buildings, regardless of whether they are residential or commercial, it said in a statement. As there was doubt over t...

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