Another property developer has found itself in financial difficulties with the backer of a 50-lot rural subdivision near Alexandra placed in liquidation this week.
The High Court at Christchurch placed Big Sky Developments in liquidation at the request of the Inland Revenue Department.
Insolvency Management has been appointed liquidator, but a company spokesman said when approached yesterday it was too early to provide any additional details.
Big Sky Developments had resource consent to subdivide 510ha near Springvale into 50 allotments ranging in size from 8ha to 10.6ha.
In late 2006 it applied to increase the permitted allotments from 50 to 91 to enable the development of what it called an economically-viable irrigation scheme, but this was rejected by the Central Otago District Council.
The New Zealand Companies Office lists the registered office of Big Sky Developments as in Latimer Square, Christchurch, and its sole shareholder and director as Paul Martin, also from Christchurch.
Attempts to track down Mr Martin this week were unsuccessful.
