Creditors are claiming $733,000 from a West Auckland property management business that previously traded under the Ray White banner.
David Sharma's Property Management Out West of Henderson has no assets, says joint liquidator Lynda Smart of Rogers Reidy, yet unsecured creditors want $733,247. Whether they see any of that money remains up in the air.
"As at the date of this report, the liquidators are aware of unsecured creditors totalling $733,247.
"It is possible that unsecured creditors may receive a dividend payment upon completion of the liquidation. This will depend on the success of the recovery actions," she wrote.
The company was formerly Ray White Henderson but was put into liquidation earlier this year.
A previous liquidation report said 67 landlords were owed more than $350,000.
Craig Nalder, a landlord and former client of the business, was shocked that so much money was being claimed by creditors.
"It's my duty as a good citizen to warn people about this. I've already recovered $6000 but I'm still owed about $3000. It's one thing to have a bit of a hiccup in your business but it's another thing entirely to have three quarters of a million dollars being claimed," Nalder said.
Earlier this year, a Ray White spokesperson said the matter had been reported to the police, a forensic audit was underway and the Real Estate Authority was investigating.
But the liquidators would not allow the auditors Ray White appointed access to information.
Further comment on the latest liquidator's report has been sought from Ray White.