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Home arrow Other Coastlines arrow The Rest arrow Ambitious developer is wound up by IRD
Ambitious developer is wound up by IRD PDF Print E-mail
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Other Coastlines - The Rest
Written by Rosemary Roberts, The Northern Advocate   
Thursday, 04 December 2008

The first of the new units taking shape above Cable Bay in 2006. Picture/John Stone

Northland's most ambitious ever coastal condominium - a $50 million development of 50 apartments at Cable Bay in the Far North - has gone under.

The developer, Crystal Waters Ltd, owned by Christopher Hook and Dan McEwan, was one of five companies wound up by Inland Revenue in the High Court at Auckland last week. It is now in the hands of receivers PriceWaterhouseCoopers.

Mr McEwan is also facing legal action in the Auckland District Court, where a decision is pending on whether he illegally promoted projects in Queensland and Fiji without a prospectus. Both projects failed.

The financial crises being faced by the two developers will see several major projects planned for Northland wiped or put on hold indefinitely.

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