The high court of Wellington has placed in liquidation a company solely owned by hotel developer Tim Tepaki, who has interests in the Cook Islands.
The Cook Islands News says Edgewater Apartments was placed in liquidation by the court early last month on the petition of New Zealand Inland Revenue Department.
The company owes money to two secured creditors and various unsecured creditors.
Mr Tepaki says he always sets up clean for a development, a new company, because that is what the banks want.
And he says these companies wind up after the development project.