Decide freezes belongings held in Cook dinner Islands Belief arrange by Auckland property developer


Auckland-based property developer Andrew Fonagy had assets frozen by a High Court order.

LIZ MCDONALD/STUFF

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.

Fonagy headed plans for a $20 million hotel near the Christchurch Town Hall. The plans  foundered last year. The site, at 818 Colombo St just north of Kilmore St, was to have been developed as a 48-apartment hotel with six $1m luxury residential apartments on top and a cafe and shops at street level.

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Fonagy headed plans for a $20 million resort close to the Christchurch City Corridor. The plans foundered final 12 months. The positioning, at 818 Colombo St simply north of Kilmore St, was to have been developed as a 48-apartment resort with six $1m luxurious residential residences on high and a restaurant and retailers at road stage.

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 office in the Cook Islands is the registered office of Ora Fiduciary (Cook Islands) Ltd, which prides itself on asset protection and advertises Cook Island trusts as "an ideal vehicle with which to preserve and protect assets against risks arising from the ownership of those assets". (File photo)

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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”. (File picture)

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”.