The property at Chevron Place, Ilam, owned by failed project manager Marc Findlay and his wife Deborah has been sold on behalf of receivers. Photo: Supplied
An Ilam property connected to a failed project manager in debt to tradespeople around Christchurch has been sold, although his creditors will not benefit from the proceeds.
The sale of the five-bedroom house on Chevron Place was finalized earlier this month on behalf of Waterstone Insolvency after Marc Findlay and his wife Deborah Jane Robinson-Findlay were placed into receivership in December last year.
Listed with a rateable value of $1.18 million, but subject to extensive additions and renovations since 2021, the property fetched about $1.6 million.
Once debts were cleared with a finance company and a bank, Robinson-Findlay, the registered owner of the property, received around $500,000.
“The proceeds from sale are sufficient to meet the secured claims on the property,” said Peter Drennan from Waterstone.
It is understood the secured claims on the property related to money owed to an Auckland-based finance company which appointed Waterstone, and a bank.
There were no other claims related to Robinson-Finlay although it is believed a bill of around $8000 was settled with a business which did work on the property.
Marc Findlay was declared bankrupt in 2017 after amassing significant debts and creditors might have to follow that course of action again if they are to recoup alleged losses associated with construction projects he oversaw.
That action would rely on an official assignee discovering assets which could be sold and distributed to creditors.
Any claims lodged against Marc Findlay were not covered by the house sale as the couple’s receiverships were treated separately.
When the sale was revealed by The Star last month, plumber Darren Maher, who claimed he was owed $65,000 for work done on a Findlay-run project in 2017, hoped to be compensated through the house sale.
However, because that debt was included in Findlay’s bankruptcy it has essentially been voided by that process.
Findlay’s bankruptcy was discharged on January 30, 2021, and he then set up as a sole trading project manager.
Hey customs The Star last month he had not worked for six months, a factor leading to the family home being sold.
