Group behind Crofton Downs development fail to stop sales
Three Auckland properties can be sold to meet guarantees given for financing for those behind a Wellington subdivision that led to a mortgagee sale, a judge says.
Parklane Infrastruct Ltd, was the owner of the land in the development known as The Terraces, on Silverstream Rd, Crofton Downs. The company is now in liquidation.
In a decision from the High Court in Napier Justice Peter Churchman said Murray and Sharron Price as trustees of the Price Karaka Trust, their son-in-law Trent Cary and Lyon Trustee No. 10 Ltd controlled Parklane.
Parklane and personal borrowing from Killarney Capital stood at about $18m at the end of September, with interest accruing at $350,000 a month, the judge said.