The recession strikes without fear or favour – among the latest casualties is Reserve Bank governor Alan Bollard’s Queenstown brother-in-law.
Developer Michael Morel – brother of Bollard’s wife Jenny Morel – folded his Platinum Apartments company early this month.
The liquidator’s initial report says Platinum’s sole shareholder – another company called Prosperous Group, co-owned by Morel and wife Lesley Telfer – had to shut down.
“The company received advice from its bankers that the prime source of funding had closed off …”
If Platinum continued, its liquidator says, it wouldn’t have been able to pay its bills – little money is left and he’s disinclined to call a creditors’ meeting. No creditors will be out of pocket, Morel, 46, assures Mountain Scene this week.
Platinum was set up in 2006 to develop nine boutique units on a prime site on Man and Lake Streets,overlooking Queenstown Bay. But Platinum never came close to glistening – the land was reportedly sold in August for about $800,000 to an unidentified Wellington investor.
Platinum was to have been Morel’s second Queenstown property project, after the former marketer, retailer and corporate trainer successfully developed a 27-unit apartment block in nearby Thompson St.
When he first announced Platinum, Morel told Mountain Scene he was writing a “how-to” operations manual for budding developers. He’s now back to his retail roots, opening
a women’s fashion store last month with Telfer called Stylish.