Some of the flipped homes involved trading companies selling the same property to each other up to nine times in quick succession, sometimes on the same day.
However, since then, a number of the companies involved have been put into liquidation, allegedly owing IRD and other creditors tens of millions of dollars.
Last month IRD took further action by applying in the High Court to liquidate Hills Real Estate itself.
At a hearing last week, Judge Paul Cogswell granted IRD’s application. PwC were appointed as liquidators.
There was no appearance at the hearing by representatives of the company.
PwC liquidator Craig Sanson told the Herald it was still early in the proceedings.
“We’ll be following processes in terms of following up the…