Queenstown property developer John Darby’s Clearwater Land Holdings Ltd has been placed in liquidation for "restructuring purposes".
Darby is the sole director of the company, which previously owned Christchurch’s Clearwater Golf Course.
The company was placed into liquidation last Monday by special resolution of shareholders Clearwater Property Holdings Ltd and Wildlife Investments Ltd.
Darby is also the sole director of Clearwater Property Holdings and its sole shareholder is New Zealand Land Fund Ltd, directors of which are Darby and Queenstowner Mike Coburn.
Canterbury’s Robert Clarke and Alister McDonald are directors and shareholders of Wildlife Investments — its third shareholder’s William Luff, also of Christchurch.
Jared Booth and Tony Magninness, of Baker Tilly Staples Rodway, were appointed joint and several liquidators last Monday.
According to their first report, the company has no known third party creditors and assets with an estimated realisable value of $12,200, while related party creditors total $30 million.
"The liquidators have been advised that the company’s assets are comprised of shares in subsidiaries, funds held in trust of $11,999 and GST receivable of $209.
"According to available information, the shares have no value."
Darby, who could not be contacted by Mountain Scene deadline on Wednesday, designed the 18-hole, par-72 championship Clearwater course, in consultation with NZ golf legend Sir Bob Charles.
In 2009, Clearwater Land Holdings sold the 18-hole par-72 championship course to its members for $3m, which, at the time, Darby said had always been the plan.
