Mangawhai Developments back in receivership after debt changes hands

Thu, 14 Jan 2016

By Jonathan Underhill Jan. 15 (BusinessDesk) - Mangawhai Developments, the developer of a lifestyle subdivision north of Auckland that failed in 2009, has been put in receivership a second time after the original secured creditor, Doug Somers-Edgar, sold the debt to two of the original shareholders. Digby Noyce of RES Corporate Services was appointed receiver of what's left of Mangawhai this week by Tuppence Loans, owned by Darren Wallbank and Philip Cotton, which purchased the debt and took assignment of the security about a year ago. Wa...

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