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Auckland property developer Andrew Montgomerie has been made bankrupt after failing to pay his brother back
A man has bankrupted his brother after he failed to repay a $1.2million loan.
James Montgomerie, a Florida-based businessman, in 2011 loaned the sum to his brother, Andrew Montgomerie, an Auckland property developer.
Andrew had run into financial difficulty following the 2008 global financial crisis. James provided assistance to him by purchasing his family home on Waiheke Island.
They agreed that Andrew and his family would continue living in the house and Andrew would cover mortgage interest payments, rates and other outgoings.
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Read the full article at: https://www.stuff.co.nz/business/123724391/brother-bankrupts-brother-over-unpaid-loan-of-12million