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A liquidation hearing for the Five Mile Holdings company of high-profile property developer Dave Henderson was adjourned for a week in the High Court in Christchurch today.
Earlier this month Hanover Finance said it had instructed security trustee FMH Nominees to appoint a receiver to Five Mile Holdings "as a result of unremedied loan defaults".
Five Mile is an ambitious project to build a high-density township for 10,000 people in Queenstown. It would cost hundreds of millions to build and was expected to have a value of $2 billion when finished, although those values were given when the property market was buoyant.
Christchurch crane hire company Smith Crane and Construction is applying for Five Mile to be placed in liquidation.
Smith Crane is reported to be seeking payment of $690,923 for work on the Five Mile development and another payment of $59,778.
Four companies and the Inland Revenue Department had lodged notices supporting Smith Crane's application.
- NZPA