Developer with $20m debt fails to stop mortgagee sales

Developer with $20m debt fails to stop mortgagee sales
The developer was accruing interest of $7,835 a day, according to the lender. (Image: NZME)
John Anthony
An Auckland developer who owes an unregistered lender nearly $20 million has been largely unsuccessful in convincing a high court judge that his properties should not be sold by mortgagee sale.A court judgment has outlined how plaintiffs Daniel Kwok and his companies are in default with defendant lender HND Holding.The outstanding principal is about $11m. However, penalty interest has accrued at 26%, which HND calculates at about $7,835 a day.As at mid-November, the outstanding sum was more than $19.5m.Power of saleHND had been seeking to exerc...

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