'Take 15c in the dollar or get nothing', tradies told

Sanctum Projects' Dudley Heights townhouse development in Dudley Road, Mission Bay.

Wed, 12 Jun 2024

Unsecured creditors owed $3.5 million by an Auckland property developer are being asked to accept 15 cents in the dollar or see the company go bust and get nothing.Sanctum Projects builds townhouses and apartments in the city’s well-heeled eastern suburbs and is ultimately owned by longtime developer and landlord Aaron Ghee.It has told 92 trade creditors out of pocket by a total of $3,478,693 that the alternative is liquidation, and after lenders, preferential creditors and liquidators were paid they would be unlikely to get anything.One...

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