According to BDO’s Diana Matchett and Colin Gower’s latest report for The Carlin Hotel Ltd (now Ex TCHL), they are working to establish the "security position" of a vehicle, understood to be a baby blue 2014 Bentley Mulsanne, "which may be subject to a finance lease".
"The outcome of this review will determine the receivers’ ability to realise the motor vehicle and, where appropriate, distribute the proceeds."
Mr Carlin, who died suddenly of natural causes in December, 2023, developed The Carlin, a seven-level hotel at a cost of about $30 million.
It opened in March 2022.
About two months after his death, Pablo Pty Ltd placed the company operating the hotel, Carlin Hotel Property Management (now Ex CHPML) into receivership, along with Queenstown Views Villas (QVVL).
It owned six of the hotel’s nine units, subject to a management agreement with Ex CHPML.
The remaining three units were owned by Pablo, a secured creditor, which also held security over the land, buildings and business for the companies.At the time of the receivership, the companies’ combined debt was about $45m, $40m of which was owed to Pablo.
Ex CHPML was then placed into liquidation last September.
Then, last July, Ex TCHL was also placed in receivership by Pablo — that company held the intellectual property (IP) for the hotel, including registered trademarks and brands.
At the time of the receivership, it owed Pablo $12.5m.
According to the second receivers’ report into that company, the IP assets had been sold to Pablo for $3500, which was offset against Ex TCHL’s indebtedness — an outstanding balance of $1.35m, plus accrued interests and costs remaining.
Pablo ultimately bought The Carlin, which was subject to a receivership sale, handled by Colliers Queenstown’s Mark Simpson and Barry Robertson.
Settlement was completed on October 14 — by November, the combined debt had dropped to $29.5m.
