KEY POINTS:
Initial liquidation reports are out on 12 companies owned by Auckland developer Patrick Fontein and associated with his failed luxury housing projects at Orewa and Taupo.
But the documents hold out little hope for creditors claiming millions.
The future for unsecured creditors looks grim because the reports predict
payouts lower than 20 cents in the dollar from many of the companies which are being wound up.
The reports are online at the Companies Office website under the companies' names with a link for the liquidator's first report which shows the initial investigations. A claim form is available for unsecured creditors.
Vivian Fatupaito of PricewaterhouseCoopers issued all the reports this month but said no creditor meetings were planned and it was not clear what assets many of the companies had. Proof of debts have to be submitted by January 6.
BNZ loaned $41 million for Kensington Park to be developed at Orewa and many subcontractors who worked there are desperate for money.
The companies in liquidation are Airport Oaks Properties, Harbourside Business Centre, Huka Falls Resort Management Services, K P Albany, K P Developments, Kensington Park Property Management, Kensington Park Real Estate, Kensington Properties (NZ), Kensington Residential, L & P and Strathire Trust.
But these 12 are part of a larger group of 30 companies which are associates. The remaining 18 companies are not in liquidation and include other corporate entities associated with Orewa and Taupo.
Kensington Park Property Management operated as a "service provider to the Kensington Park developments and had no assets during its trading period", Fatupaito wrote, so this company has no tangible assets to realise.
An inquiry is being carried out to determine if any assets exist, she said.
Kensington Residential was a development company and its liquidation was caused by the wider failure of the group.
The company had developed three properties, these had been sold and the business had no tangible assets. Fatupaito said she found "significant" inter-company loans and balances with associated entities.
Fontein planned to build 750 houses worth $450 million at Orewa. Only about 60 are up. He wanted to develop about 455 places at Huka Falls near Taupo but only about eight rose.
* Adrienne Stone at PWC is handling inquiries on the 12 companies in liquidation. She is on 355-8541.
FELLED
Big failed housing estates:
* Kensington Park, Orewa
* Huka Falls, Taupo
* Whisper Cove, Snells Beach
* Queenstown's Five Mile
