He was referring to American business Arena, which loaned money for Wattle Park.
The liquidators said the company owes $3.6m to Kiwibank as the first-ranking mortgagee and $1.09m to Inland Revenue.
The IRD debt is unpaid GST on apartment sales, including interest and penalties being charged for outstanding amounts, they noted.
Arena is the second-ranking creditor, but the liquidators do not know how much it is owed.
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“We have been advised the company undertook a residential property development. The company built 112 units, 100 were sold, and 12 were held by the company for the purpose of long term leasing.
“The liquidation of the company was precipitated by poor economic conditions caused by Covid-19. At…
