06-03-2012
Another Ha company goes belly up
Landlords.co.nz
Another company owned by Don Ha has been placed into liquidation, the latest in a string of company collapses for the self-styled property king.
By Benn Bathgate
C&C liquidator John Gilbert has been appointed to wind down Airfield, the sixth Ha business he has been asked to oversee.
"There's a whole group of them that are very tied up and owe money to each other," Gilbert said.
Citing the fact he has only just commenced the Airfield liquidation, Gilbert said he was unable to offer any view on the cause of its demise.
However, he did say "it wouldn't be unreasonable to draw the conclusion" that the interconnected structure of Ha's operations meant "when one particular peg gets pulled it can pull the whole clothes line down."
The collapse of Airfield follows on from the liquidation of three property development companies and Ha's bloodstock businesses.
Also the Public Trust recently secured a High Court judgement against Ha for a debt of more than $1.6 million.
His Don Ha Real Estate business was also put into receivership with debts of around $7 million to Kiwibank, to later be acquired by associated company Top One Real Estate - whose sole director is Ha.
Source: Landlords.co.nz