$175K in costs awarded in $10 million Auckland mansion stoush
A buyer who won the right to cancel a $10 million Auckland mansion purchase after a deadly landslide made the property unsafe has been awarded more than $175,000 in costs.
A High Court ruling in March allowed Ningfei Du to walk away from the ASP (agreement for the sale and
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Otago Daily Times
3 hours ago
- Otago Daily Times
Creditors over $500k out of pocket after liquidation
Photo: file An Otago and Canterbury firewood business which was ordered into liquidation by Dunedin's High Court has left creditors out of pocket more than $500,000. Needmor Firewood Ltd was placed into liquidation in September 2022 by order of the High Court of Dunedin, on the petition of the Inland Revenue Department (IRD). In their final report, released this month, liquidator Wendy Somerville, of PwC, said the company's insolvency was due to "a lot" of job losses and struggles getting back into the industry and trading successfully. The effects of the Covid-19 pandemic were also cited. The company's website stated it was a family-owned business, based in Christchurch, which provided specialist tree services to the greater Canterbury and Otago regions. The company's physical assets were sold collectively for a total of $130,971, the report said. Two unsecured claims totalling $567,047.32 were received but no distribution was made due to "insufficient recoveries" being made in the liquidation. A sum of $32,827 was paid out to one secured creditor after a settlement was reached, and a preferential creditor was awarded costs of $1040.76. A preferential claim was also received from the IRD of $122,456.22 in relation to unpaid GST and PAYE. It received a distribution of 41 cents to the dollar in relation to the claim totalling $50,000. The company's records indicated an advance account had been made with a related company, the report said. "We determined that collecting on the intercompany advance account was not economically viable, given the evidence showing that the related company is also insolvent." That company too was placed into liquidation, in mid-January this year, the report said. Notice has been given to remove Needmor Firewood Ltd from the New Zealand Companies Register at the end of the month. KD Firewood Ltd, which originated in Invercargill and later took over Wanaka Firewood, was also recently placed into liquidation, by a special shareholder resolution in March. Liquidators had previously estimated the total amount owed to creditors at $955,514.56 — which included nine unsecured creditor claims totalling $126,556. The total estimated deficit, subject to the costs of the liquidation, was $296,364.56.
Scoop
6 days ago
- Scoop
NZ Windfarms Shareholders Approve Meridian Acquisition
The proposed scheme of arrangement (the Scheme), under which Meridian Energy Limited (Meridian) will, subject to the satisfaction of certain conditions, acquire 100% of NZ Windfarms Limited (NZX: NWF) ('NZ Windfarms'), has today been approved by NZ Windfarms shareholders at a Scheme Meeting. The resolution to approve the Scheme was passed by the requisite majorities of shareholders – namely 75% or more of the votes cast in each interest class and more than 50% of the total number of NZ Windfarms shares on issue were voted in favour of the Scheme. Details of the total number of votes cast are set out in the market announcement released today by NZ Windfarms. The final steps in the Scheme process are now underway, including an application to the High Court for final orders. The Scheme remains subject to final orders being granted by the High Court and satisfaction (or waiver) of other customary implementation conditions. The final hearing at the High Court in Auckland is currently scheduled for 16 July 2025. 'We're delighted to have the support of NZ Windfarms' shareholders and now look forward to the outcome of the High Court process. If approved, this transaction will reward NZ Windfarms' shareholders for the value created to date, while also enabling more efficient financing of the Te Rere Hau repowering project,' says Meridian's General Manager Strategy and Portfolio Rory Blundell. The Te Rere Hau repowering project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170MW. It will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the current turbines.
NZ Herald
22-06-2025
- NZ Herald
$175K in costs awarded in $10 million Auckland mansion stoush
A buyer who won the right to cancel a $10 million Auckland mansion purchase after a deadly landslide made the property unsafe has been awarded more than $175,000 in costs. A High Court ruling in March allowed Ningfei Du to walk away from the ASP (agreement for the sale and
