The liquidation of a Uruguayan-owned property development company, that had investments in Palmerston North worth tens of millions of dollars, has left dozens of creditors out of pocket.
Valor Ideal, a property company owned by Uruguayan investors Frederico and Ricky Chayman and managed by former Palmerston North businessman Paul Barris, was placed into liquidation in September 2013.
Valor Ideal’s substantial property portfolio at the time of its liquidation, including retail buildings and a block of industrial land, had a combined rated value of $11.5 million.
At the time it was placed into liquidation, court documents showed it had debts of $301,292, including $161,624 to a single company…
Read the full article at: http://www.stuff.co.nz/business/79258943/valor-ideal-liquidation-ends-with-creditors-out-of-pocket