Work on the $13m Wyndham Construction project stopped a year ago. Photo / Greg Bowker
Work on the $13m Wyndham Construction project stopped a year ago. Photo / Greg Bowker
KEY POINTS:
A company building an apartment tower in Auckland's city centre has gone under after being owed more than $1 million.
Wyndham Construction was building the tower on Scotia Place above Myers Park before work on the site stopped late last year.
Insolvency practitioners Jeff Meltzer and Michael Lamacraftsay the firm has been put into liquidation.
Creditors were asked to submit their claims against the company by last Friday.
The building firm's sole shareholder and director, Peter Chevin, said in August last year that Wyndham Construction had a $13 million contract to build the 15-storey tower by June this year.
Meltzer and Lamacraft said funding for the development was arranged by the site's owner. Work started on the site in July last year.
"After three months, the funder of the project withdrew without adequate explanation. The owner of the site funded the project itself for two months until construction ceased in December last year," they said.
"As a result, Wyndham Construction is owed in excess of $1 million by the owner of the site and as a consequence is unable to meet its own commitments."
Lamacraft said yesterday that he was unable to say who owned the land, who was funding the tower's development or what would happen to the site.
Chevin also developed the Columbard apartment tower in Wyndham St but hit financial trouble this year when debts of more than $450,000 forced the company behind that project into receivership.
The Companies Office shows Chevin's Columbard Management is in liquidation, his Chevin & Company Investments is in receivership and his Gridlock Ventures Trustee is in liquidation.
