Mortgage holder the New Zealand Guardian Trust Company has enacted a property-law notice against Cromwell Luxury Villas Ltd, as a defaulting mortgagor, seeking payments totalling $690,800.
Cromwell Luxury Villas is in default of $685,000 and $5800 to Guardian Trust, which has the option to take possession and sell the asset, a residential investment property in Wanaka.
As happened recently with Dunedin's chief post office, where mortgagor South Canterbury Finance took over the failed McEwan Group development to try to recoup $7.5 million, Guardian Trust could force a sale to recoup its $690,000, and possibly other costs.
Cromwell Luxury Villas Ltd was incorporated in July 2006 and is a registered with the Companies Office.
Its sole director is Michael Hughes, of Wanaka, and its 50-50 shareholders are listed as Morris Brown, of Christchurch, and William Cathie, of Wellington.
Guardian Trust has asked for anyone knowing Mr Hughes' whereabouts to bring the property-law notice to his attention.
