Photo / SuppliedHaving receivers take control of a 105-home under-construction Auckland housing project surprised buyers in one of New Zealand's larger, troubled residential schemes. Buyers of Ormiston's new DDL [Delivering Dreams] housing project at Flat Bush told the Weekend Herald of a sudden company switch within three days of the receivership. "Our client has exercised its right pursuant to clause 14.3 in the sale and purchase agreement and nominated the benefit as vendor to a related entity DDL Homes Ormiston. Asked what had happened and of his connection to the troubled Ormiston estates in the hands of receivers, DDL Estate's Marcus Jacobson told the Herald: "I have no involvement in this project." DDL Homes Ormiston is not only in receivership but also in voluntary administration.

Source: New Zealand Herald June 11, 2022 19:02 UTC