Nigel McKenna developed the Westin Hotel in the Viaduct Harbour. Photo / Supplied
The world favours the quick developer, even at the end.
In his final commercial flourish, flamboyant Auckland developer Nigel Anthony McKenna got the last laugh, being one step ahead of everyone else in calling his own financial demise.
The Beaumont Quarter and Westin developer took the unusual move of declaring
himself bankrupt, taking control of his own financial destiny and outwitting those hard on his heels.
As counsel for the Commissioner of Inland Revenue, Simpson Grierson, Kensington Swan and Associate Judge John Abbott milled about in the High Court at Auckland on Tuesday pondering McKenna's financial status, the developer of Viaduct Harbour, Kawarau Falls and Lighter Quay was busy filing bankruptcy papers.
The judge had sent parties away to find out whether McKenna was bankrupt, determining whether he should make the ruling or not.
Unbeknown to everyone, McKenna had beaten off the pack breathing down his neck for $153.6 million, whom he had wanted to appease with just $1.25 million.
A bankruptcy application dated Monday, April 18, has Nigel McKenna's name as the applicant.
"I am unable to pay my debts. I request that I be adjudged bankrupt," the document says.
The Insolvency & Trustee Service wrote to the High Court yesterday to confirm that the debtors application was accepted on Tuesday.
Just as the Irish migrant stood out from the bunch when he was active in commercial life - running up millions in loans from banks and creating lakeside and seafront master-planned communities - so he distinguished himself from the mob at the end.
One creditor had chased him for two years.
Graeme Christie, the highly experienced Simpson Grierson partner acting for the Fletcher Construction company owed $800,000 for a $100-million Wellington hotel, said yesterday that McKenna was finally bankrupt but the move was not at his or Fletcher's behest.
"He jumped before he was pushed, but only just, as otherwise Fletcher Construction, Bank of Scotland and others would have pushed him," Christie said.
"It occurred at 4.27pm on Tuesday afternoon, after we had been in court," Christie said.
