Big $13.7 million crash

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A Queenstown development company with big ideas for a $120 million Arthurs Point complex has gone bust owing $13.7m. 

The first liquidator’s report on Mangahou Holdings makes sorry reading – even preferential and secured cred­itors are highly unlikely to be paid, independent liquidators Craig Melhuish and Keiran Horne predict. 

Inland Revenue wound Mangahou up after the company fell $200,000 behind. 

Lender Vision Securities – itself in receivership – is the big loser, owed $13.4m. Unsecured creditors will also whistle for $58,000. 

Mangahou directors were Queenstowners Mark Dickson, James Macalister and Bas Smith. 

The trio were pro­moting a three-storey hotel, apartment and retail complex on the old Cattledrome and South­ern Lakes English College site at Arthurs Point. 

Prominent architects Warren & Mahoney had done design work. 

Armed with consents and a site valuation of $7.55m plus GST, Mangahou director Smith told Mountain Scene in 2008 they were looking for an equity investor. 

The liquidators say the site was sold at a loss last year.