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By reporter Debbie Jamieson:
Two men who planned to build a retirement village on the shores of Lake Wānaka have been ordered to pay $3.4 million to financial backers, after their company went into liquidation.
Roy’s Bay Estate Limited fought through the Environment Court to build a … View moreBy reporter Debbie Jamieson:
Two men who planned to build a retirement village on the shores of Lake Wānaka have been ordered to pay $3.4 million to financial backers, after their company went into liquidation.
Roy’s Bay Estate Limited fought through the Environment Court to build a 73-unit retirement village on a 1.4ha block near central Wānaka.
However, it went into liquidation earlier this year with only 10 dwellings complete.
According to a November High Court decision, property development financier Senior Trust Limited financially backed the company.
But in September 2021, Roy’s Bay Estate was unable to meet its payments, following a third time extension.
Conscious that it would achieve a better financial result from a private sale than a mortgagee sale, Roy’s Bay Estate entered a conditional contract to sell the site to S5 Consulting Group Ltd for $24m, in October.
That deal became unconditional in December 2021 but was replaced with a new sale and purchase agreement also with S5 at a price of $22m.
The reduction related to consenting and works issues. It was due to settle on March 31, 2022.
However, it did not settle, and Senior Trust entered into a contract in May 2022 to sell the property, as mortgagee, to a company called Roy’s Bay GCO Limited – a subsidiary of S5.
That sale went through for $18m, and Senior Trust sought summary judgement of about $3.4m from Christopher Holmes and Anthony Hannon of Roy’s Bay Estate, for the debt shortfall.
Holmes was the director of Roy’s Bay Estate and Hannon was an indirect shareholder. They both provided a guarantee in respect of the company’s debt.
Holmes and Hannon argued to the court that Senior Trust had breached its duty to obtain the best price reasonably obtainable at the time of sale.
They also complained that Senior Trust’s actions were designed to exclude them from the development and were aimed at securing ongoing finance business as Senior Trust would provide finance to the purchaser.
Counsel for Holmes and Hannon argued that Senior Trust were aware of the previous agreement, but conceded Senior Trust was within its rights to proceed with a mortgagee sale.
Associate Judge Dale Lester found a proper test of the market produced the price of $18m – and that was negotiated from an initial offer of $12m.
He also found no evidence that Holmes, Hannon or Roy’s Bay Estate had asked Senior Trust to allow time for the $22m deal to settle.
Because some vendor’s warranties and two units were removed from the agreement, the discrepancy between the two sale prices was not as great as it appeared, he said.
The judge ruled that the men were to pay Senior Trust the full claim of $3.4m, plus costs.
Stoney Creek GCO Ltd is now building and selling luxury town houses on the site.
Black Friday is around the corner, and we'd love to know what's on your shopping list this year as the season of amazing deals kicks off!
The shops are sporting tinsel and lights and our calendar's are already filling up with Christmas events. But is it too early to decorate your home?
Type 'Not For Print' if you wish your comments to be excluded from the We Say You Say column of your local paper.
Final days to get your tickets for a chance to win this brand new, fully furnished home in the Coromandel’s beautiful Whitianga. Worth over $1 million and featuring three bedrooms, two bathrooms and an open-plan kitchen, living and dining area, this home is waiting to be lived in and loved by its… View moreFinal days to get your tickets for a chance to win this brand new, fully furnished home in the Coromandel’s beautiful Whitianga. Worth over $1 million and featuring three bedrooms, two bathrooms and an open-plan kitchen, living and dining area, this home is waiting to be lived in and loved by its new owners.
Make this property your permanent residence, a holiday home, rent it or even sell it – it could be all yours!
Be in to win by purchasing your tickets today – just $15 each.
It’s that time of year when we rummage in the garage for Christmas decorations and camping gear but instead find random items we forgot we owned. Perhaps it’s finally time to get rid of those and make some cash? Or pick up something you need?
The Great Neighbourly (online!) Garage Sale is … View moreIt’s that time of year when we rummage in the garage for Christmas decorations and camping gear but instead find random items we forgot we owned. Perhaps it’s finally time to get rid of those and make some cash? Or pick up something you need?
The Great Neighbourly (online!) Garage Sale is this Saturday and we can't wait! The site will be brimming with both gently-loved goods and potential Christmas gifts.
To take part, simply upload a photo of your item(s) to Neighbourly’s Market section before Saturday. Make sure you come back on Saturday to browse the treasures listed from other members around your neighbourhood.
What's the most amazing deal you've discovered on our website, and how much money did you save?
Share your great finds with us for a chance to WIN a $200 Prezzy card and keep your shopping spree going!
CLICK below to enter! Don't wait too long to participate; entry ends on … View moreWhat's the most amazing deal you've discovered on our website, and how much money did you save?
Share your great finds with us for a chance to WIN a $200 Prezzy card and keep your shopping spree going!
CLICK below to enter! Don't wait too long to participate; entry ends on 29/11!
Check out our Black Friday deal HERE: www.nzcompare.com...
Choosing the right care centre is an important decision. To help you, we’ve put together The Ryman Care Guide to highlight the care, kindness and comfort that our care centres provide.
At Ryman villages, we offer comprehensive care options customised to suit your needs.
Our assisted living… View moreChoosing the right care centre is an important decision. To help you, we’ve put together The Ryman Care Guide to highlight the care, kindness and comfort that our care centres provide.
At Ryman villages, we offer comprehensive care options customised to suit your needs.
Our assisted living apartments are in the heart of the village and include amenities like housekeeping and chef-prepared meals to make life easier.
Our villages all offer rest home care, and most also offer hospital and specialist dementia care.
You can relax, knowing if your needs change, we can continue looking after you.
Discover the kindness and comfort of Ryman care, request your free copy today.
Light Up Diwali! We had over 340 incredible responses from all you Diwali enthusiasts who shared your power-saving tips for a chance to WIN $150 towards your power bills!
Now, the moment you've been waiting for – did you emerge as the lucky winner? CLICK below to find out!
Didn't… View moreLight Up Diwali! We had over 340 incredible responses from all you Diwali enthusiasts who shared your power-saving tips for a chance to WIN $150 towards your power bills!
Now, the moment you've been waiting for – did you emerge as the lucky winner? CLICK below to find out!
Didn't WIN this time? Don't worry! Stay connected with NZ Compare to keep informed about future competitions, deals, and tips!
We're here to brighten up your Diwali and your budget! CLICK HERE to discover more: www.powercompare.co.nz...
Embracing adventure is made easy with our lock-and-leave-style living. We keep your home secure and well-maintained while you take off to explore what brings you joy.
Premila and Ebbie love the freedom of their Ryman lifestyle. The pair take off on holiday whenever they want and return home to … View moreEmbracing adventure is made easy with our lock-and-leave-style living. We keep your home secure and well-maintained while you take off to explore what brings you joy.
Premila and Ebbie love the freedom of their Ryman lifestyle. The pair take off on holiday whenever they want and return home to freshly mowed lawns, watered gardens, clean windows, and a safe village.
Discover more about the freedom of living in a Ryman village.
The Great NZ Pet Election has launched and we’re on the hunt for NZ’s best pet!
Pick up a copy of The Southland Times to find out how to nominate your companion then check back every day to see if they are selected as a daily winner! All daily winners will receive a $50 pet store voucher … View moreThe Great NZ Pet Election has launched and we’re on the hunt for NZ’s best pet!
Pick up a copy of The Southland Times to find out how to nominate your companion then check back every day to see if they are selected as a daily winner! All daily winners will receive a $50 pet store voucher and will qualify towards the grand pet election prize of a $1,000 pet store voucher. Find out more here.
Let the great NZ Pet Election begin!
The team at The Southland Times
Hi everyone. Keep an eye on your letterbox and emails as the November issue of NZFarmer is nearly here. Hope you enjoy it.
Sonita
Happy Diwali! The Festival of Lights is a significant Hindu festival celebrated with lighting lamps, cultural rituals, and the exchange of sweets, symbolizing the victory of light over darkness and good over evil.
Let's make your festival brighter and your wallet happier! CLICK BELOW to … View moreHappy Diwali! The Festival of Lights is a significant Hindu festival celebrated with lighting lamps, cultural rituals, and the exchange of sweets, symbolizing the victory of light over darkness and good over evil.
Let's make your festival brighter and your wallet happier! CLICK BELOW to share your power-saving tips in our "Light Up Diwali, WN $150" competition.
Don't miss out - ends 13/11, 2023. T&Cs Apply.
Happy Single's Day!
Whether you're celebrating solo or with friends, take some time today to treat yourself.
CLICK below to enter our Single's Day competition to WIN a $111 Prezzy Card!!
For more than 100 years, we New Zealanders have identified ourselves as Kiwis.
The kiwi is in the name of businesses, in logos, in ads, even on the wings of our Airforce ... ironically.
We think it's time we gave the little guy some well-deserved recognition. Show your love for our … View moreFor more than 100 years, we New Zealanders have identified ourselves as Kiwis.
The kiwi is in the name of businesses, in logos, in ads, even on the wings of our Airforce ... ironically.
We think it's time we gave the little guy some well-deserved recognition. Show your love for our national icon - the kiwi - by voting KIWI for Bird of the Century.
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