Bankrupt property developer owes creditors millions – New Zealand Herald

A housing development on Auckland’s North Shore has left creditors millions of dollars out of pocket.

Chelsea View Estate Trust initially planned to build a series of terraced houses on the site, but the project has fallen into financial trouble.

According to the Companies Office, liquidators Rodgers Reidy were appointed to the company on May 3.

Stephen Robert Kelly, the sole director listed with Chelsea View Trust, was declared bankrupt late last year.

Liquidator Paul Vlasic told the Herald this was not the first time Kelly had been declared bankrupt.

Vlasic said it was still too early to go into specifics but that the financial trouble stemmed from a dispute with a builder.