THE man behind the ill-fated Teralba Waters development, Colin Wallace, is facing further strife with two more of his companies placed in liquidation owing $2 million.
Property purchasers and investors, many from Mr Wallace’s Christadelphian Church, put their faith and money into his projects and are now demanding answers about what went wrong.
The former bankrupt has three companies in liquidation with debts of more than $3 million and a further $1.3 million is owed by his property development company to the mortgagee of Teralba Waters Estate. Six creditors, including Bunnings and Boral Construction Materials, have placed caveats on Mr Wallace’s waterfront Kincumber home in an effort to get their money back.
The Newcastle Herald reported…
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