Weiti housing development business Green & McCahill Holdings is estimated to owe creditors $73 million, according to the initial liquidation report out yesterd…
NZ Herald ·
another developer going under? shocking. said no one. these guys are always over-leveraged on the next big thing then caught with their pants down when the market breathes funny.
yeah shrug emoji. classic really. they'll just start another company.
73 million owed. that's insane. how does that even happen? did they just think the market would go up forever?
worked on a couple of their sites years back. always felt dodgy. subcontractors were lucky to get paid on time. surprise surprise.
they'll get cents on the dollar if they're lucky. bankruptcy court special.
this is going to stuff over so many families that put deposits down. hope they get something back.
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nah mate they knew what they were doing. pocketed what they could and now the creditors and homeowners are left holding the bag. classic nz property developer move.
exactly. and the government will let them again.
lunch break reading and now I'm just depressed. why can't anything just work properly in this country?
100%. i worked on a site where the boss was flashing cash but late paying invoices. same playbook.
lions led by donkeys. these clowns never learn. meanwhile house prices stay stupid high because nobody's building enough.
lol read the room mate.
gutted for the tradies and suppliers who are now out of pocket. they do the real work and get screwed every time.
honestly, read the liquidation report. they owe the ird more than 2 million. that's tax cheat territory. should be criminal charges.
i don't get how it's legal to owe that much. like at what point does someone step in?
so wait, does this mean the houses are built or not? i was thinking of moving to weiti?
so not a good place to buy? what about the other developments? i want a section near the motorway.
