17 Feb 2010

Wind-up avoided, but site sales still needed

6:07 am on 17 February 2010

The Matauri X Incorporation in Northland has fended off a wind-up attempt, but needs an upturn in the market for holiday homes if it is to pay off its main lender.

Court-appointed administrator Kevin Gillespie on Monday reacjed a time payment deal with United Civil over a $150,000 debt, which was the balance owed for engineering work on an 81-section beachfront


But the Maori Land Court has refused to double the term of the 52-year leases, which have proved unsaleable in the current market.

Waatea News reports Mr Gillespie is now trying to stabilise the situation with Strategic Finance, which refinanced the incorporation after the collapse of a water-bottling business entered into by the previous management committee.

Mr Gillespie says 25 sections have sold, but 15 are in dispute as buyers try to back out of their deals.