Pearlfisher Capital wins legal dispute over statutory demand

The property is at 221 Jesmond Road, Karaka. (Image: OneRoof)

Tue, 02 May 2023

Pearlfisher Capital has won a legal dispute over a statutory demand it served on a borrower it was meant to lend to for a South Auckland property deal.In late 2021, Mega Capital entered into a $19.8 million deal to buy a property in Karaka, Auckland, to develop it. It failed to settle on June 15, 2022, because it was $13m short after it paid $7m in deposits to the vendor.After that, penalty interest started to accrue at about $10,000 per day.Couldn’t get fundingMega Capital – which according to the Companies Office is owned by...

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