The developer behind one of New Zealand's biggest apartment jobs has put the company into voluntary administration, saying not all creditors will be paid. All the apartments have been completed and 90 per cent of them sold but construction delays spelt trouble with the project. "It has become clear that there will be a shortfall to pay off secured and unsecured creditors. The directors have taken the responsible decision to enter into Voluntary Administration as it is a fair and transparent platform," the statement said. "The bank, all construction and sub-contractor parties, and over 90 per cent of unsecured creditors have been paid in full.

Source: New Zealand Herald February 18, 2021 03:31 UTC