Law & Regulation

Sanctuary liquidation shortfall $69.9m

Victoria Young
Tue, 23 Mar 2021

Sanctuary liquidation shortfall $69.9m
Victoria Young
Tue, 23 Mar 2021
The creditor shortfall for the company behind The International apartment complex in Auckland’s Princes Street is estimated at $69.9 million, a first liquidators’ report reveals.Most of this shortfall will be felt by ­­developer Tim Edney’s entity Waimauri and Chao Meng (James) Chen, who as secured creditors are estimated to lose $36.1m and $11.6m respectively.Liquidator Jeff Meltzer earlier told BusinessDesk a $6.5m debt to the BNZ had been paid and outstanding payments to construction firm Dominion Constructors settl...

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