Image / SuppliedBy Philip Chandler of Mountain SceneA Queenstown resident whose former development company is in hock to creditors for $1 million is selling luxury apartments through a new company. Lachlan Francis' company was to build a 16-unit apartment complex, Freshwater, on the corner of Hallenstein and York streets. His company, CFS Trustees Ltd, was placed in liquidation on May 4 last year at the request of an out-of-pocket contractor, Amalgamated Builders Ltd.Liquidators say the company owes 16 unsecured creditors $1,021,474.94. He, too, thinks it would be good if Francis could pay CFS Trustees creditors from the proceeds of his new company's complex. Shortly before then, CFS Trustees had sold the site to a Wellington company which was the first mortgagee, thereby satisfying its debt.

Source: New Zealand Herald April 01, 2021 20:32 UTC