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A 39-hectare parcel of land on Falls Road, part of the development known as Stubbs Farm, is for sale following the liquidation of owner Warkworth Holdings (MM Oct 11).
Liquidators Waterstone Insolvency released its first report this month, stating that Warkworth Holdings owed $47.6 million to two secured creditors and $1.57 million to unsecured creditors.
Waterstone has so far received only $52,802 worth of claims from six unsecured creditors, including Auckland Council and a Warkworth planning consultancy.
The liquidators say that it is unknown whether unsecured creditors will be paid. It has valued the land on Falls Road at $45 million and expects a $4.1 million shortfall.
Creditor Warkworth Retail successfully applied to the High Court in August to put Warkworth Holdings into liquidation. The company was already in receivership following action by creditor Arena Global.
The liquidator’s report states that part of the investigation includes “whether any transactions that have occurred were under-value”.
They will investigate if there have been any breaches of legislation by the company’s officers. Should any breaches be sufficiently evidenced, they will be reported to the relevant authorities, the report says.
Receivers BDO have listed the property for sale with Colliers. The deadline for expressions of interest is November 11.
Mangawhai Central leadership change
There has been a change of leadership at Mangawhai Central, the company behind a large scale residential development in Mangawhai. Director Andrew Guest, who has been the face of the project, fronting numerous community meetings on issues including water security and wastewater infrastructure, has resigned.
Mr Guest was also a director of Warkworth Holdings, which is now in liquidation (see story above).
He has also stood down as a director of Homestead Bay Trustees, which is Mangawhai Central’s majority shareholder. Aged 63, Mr Guest says he is going into “semi-retirement”.
Viranda Partners director Mark Bridgman will now be the spokesperson for the Mangawhai Central development. Viranda Partners is a minority shareholder in Mangawhai Central.
Meanwhile, New York investment firm Veritas Capital has purchased a 50 per cent stake in Viranda Partners. Veritas’ portfolio is otherwise mainly made up of military technology investments.
According to the New Zealand Companies’ Office, Veritas’ New Zealand director is Brandon Cullen. Mr Cullen is also the lawyer for Mangawhai Central.
