Unsecured creditors owed $3.5 million by an Auckland property developer are being asked to accept 15 cents in the dollar or see the company go bust and get nothing.
Aaron Ghee is a longtime developer of townhouses and apartments in the city’s well-heeled eastern suburbs, and gained consent for two upmarket projects under the Covid-19 fast-track legislation.
He’s told 92 trade creditors, including a builder owed $1m, and the Environmental Protection Authority, owed $305,000, that the alternative is liquidation, and in that case they were unlikely to get anything.
Ghee allegedly has a history of shifting assets between his companies to avoid his creditors, court documents show.
