Twelve more companies owned by Patrick Fontein have been put into the hands of corporate undertakers. Photo / Paul Estcourt
A string of companies owned by millionaire Auckland developer Patrick Fontein are being wound up after the collapse of the Kensington Park project in Orewa.
Adrienne Stone, a director of PricewaterhouseCoopers which is the liquidator of 12 companies, said the move came as no surprise: "This is part
of the malaise affecting so many areas these days. Given the issues surrounding the various events in the Kensington Group, the shareholders felt it was appropriate to crystallise the position on all the companies."
Last month, Fontein's $457 million 750-house Kensington Park project was killed by tightening monetary supply and falling values.
Fontein also planned to build 455 houses at the Huka Falls Resort near Lake Taupo.
Now, many companies associated with his Kensington Group are in the hands of corporate undertakers. Last week, K P Developments, Airport Oaks Properties, K P Albany, Kensington Residential, Kensington Morrin, Huka Falls Resort Management Services, L & P, Strathire Trustee, Kensington Park Estate, Kensington Properties (NZ), Kensington Park Property Management and Harbourside Business Centre all went into liquidation.
Vivian Fatupaito of PWC was appointed liquidator on Tuesday and will issue initial reports on October 9. Fontein said yesterday that the simply structured companies, which he owns, were all either interrelated or businesses which had finished projects.
Kensington Park Properties is in receivership, in the hands of Brendon Gibson and Grant Graham at KordaMentha. Their first report is due out later next month.
