New receivers appointed to companies

New receivers have been appointed to two companies associated with the $1 billion Kawarau Falls...
New receivers have been appointed to two companies associated with the $1 billion Kawarau Falls Station development. PHOTO: ODT FILES
New receivers have been appointed to the long-standing receivership of a Queenstown property development.

Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd were both placed in receivership in May 2009. The two companies were part of the $1 billion Kawarau Falls Station development.

A notice issued yesterday said Andrew McKay and Rees Logan, of insolvency company BDO Auckland, had been appointed the new receivers.

The pair took over from Brian Mayo-Smith and Andrew Bethell, also of BDO Auckland, who were appointed in 2012.

When contacted, Mr McKay said the pair were ‘‘just swapping out’’ with Mr Mayo-Smith and Mr Bethell and nothing would fundamentally change.

According to the most recent half-yearly receivers’ report, released in June, at least $169million owed to secured creditors was still outstanding.

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