Auckland-based property developer Andrew Fonagy had belongings frozen by a Excessive Courtroom order.
The Excessive Courtroom has frozen belongings held by a Cook dinner Islands belief alleged for use by an Auckland property-developer to keep away from paying money owed.
Andrew Fonagy, who headed plans for a $20 million resort in Christchurch, final 12 months had an interim freezing order positioned on any proceeds he or his firm Fontur Trustee Ltd may make from the sale of two properties price greater than $1 million.
The order had been sought by Main Companies New Zealand Ltd, which obtained judgment for $850,000 plus curiosity and prices from Colombo Initiatives Restricted, which had Fonagy as sole director and Fontur as majority shareholder.
Final week Justice Robert Osborne granted an utility by Main Companies to freeze belongings held by the Cook dinner Island-based Ora Trustees Ltd, which was arrange by Fonagy for the advantage of himself and his household.
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Ora Trustees workplace within the Cook dinner Islands is the registered workplace of Ora Fiduciary (Cook dinner Islands) Ltd, which prides itself on asset safety and advertises Cook dinner Island trusts as “a perfect car with which to protect and shield belongings towards dangers arising from the possession of these belongings”.
The order made by Justice Osborne restrains Ora from eradicating any belongings from New Zealand or from disposing of any belongings whether or not they’re in or outdoors of New Zealand.
It follows the interim order made by Justice Churchman final 12 months, through which he mentioned “it’s critically controversial that Mr Fonagy is engaged within the strategy of making an attempt to get rid of belongings and/or put them past the attain of the New Zealand Courts in an try to keep away from legal responsibility below his assure on the mortgage from Main Companies New Zealand Restricted to Colombo Initiatives Restricted”.