Mortgagee sale pending after Forestlands founder fails to pay $2m owing.
Liquidators of the failed Forestlands group of companies owed $2.05 million by founder Rowan Kearns say they expect a mortgagee sale of his Motueka property to start soon.
The 18 Forestlands companies solicited cash from the public for a forestry investment scheme but collapsed in 2017 leaving tens of millions of dollars owing.
As part of recovery action, liquidators Neale Jackson and Grant Graham of Calibre Partners reached a $2.05m settlement with Kearns in March 2019 but he is yet to pay any of the money.
Meanwhile Kearns’ lavish Georgian-style mansion on 4ha in the Motueka Valley is currently being marketed
Receivers seek to enforce guarantees secured by mortgages.
Companies associated with
NBR Rich Lister George Kerr have filed legal action against BNZ as the bank seeks to recover a $36 million debt in default.
BNZ appointed Neale Jackson and Natalie Burrett of Calibre Partners as receivers of income to Kerr’s companies Galt Nominees and Glencoe Land (Joint Venture) on December 14.
In their first report filed to the Companies Office, the receivers said Galt and Glencoe Land had guaranteed debts owed by a third Kerr company, Lothian Partners Capital.
The guarantees were secured over mortgages on property at New Chums Beach in the Coromandel and Crown Terrace, Queenstown.