Property developer Fontein declared bankrupt

Patrick Fontein, at one of his developments, Kensington Park, north of Auckland. Photo/Paul Estcourt

Auckland property developer Patrick Fontein has been bankrupted by the BNZ over a $28 million debt.

BNZ was awarded a judgment against Fontein, 45, for $27 million last November at the High Court at Auckland.

That amount grew to $28 million due to interest, disbursements and costs.

BNZ's bankruptcy application was supported by a variety of Fontein's creditors such as Allied Workforce, alleged to be owed $112,050, Carters - a division of Carter Holt Harvey, alleged to be owed $281,526 and Fidelity, alleged to be owed $20 million, Fleet Partners, alleged to be owed $58,000, Orix New Zealand, alleged to be owed $50,414 and Southern Cross Building Society, alleged to be owed $4,418,000.

The judgment of High Court Associate Judge John Faire revealed Fontein owed his creditors just under $94 million, the debt was made up of personal guarantees or personal obligations.

Fontein has an engineering degree from Auckland University and a MBA for London University.

He is a former fellow of the New Zealand Property Institute and the judgment states he has "actively been involved in a number of voluntary community and industrial work projects."

He is the sole director and guarantor of Kensington Park Properties, in receivership, Kensington Construction, in receivership and liquidation, Kensington Properties and Kensington Remuera.