CHRISTCHURCH – Clearwater Land Holdings Ltd, the entity formerly responsible for the Clearwater golf course in Christchurch, has been placed into liquidation. The move, described as being for “restructuring purposes,” was initiated last Monday by special resolution of its shareholders, Clearwater Property Holdings Ltd and Wildlife Investments Ltd.
John Darby, a Queenstown property developer, serves as the sole director of the company. Darby is also the sole director of shareholder Clearwater Property Holdings, which is owned by New Zealand Land Fund Ltd, a company directed by Darby and Mike Coburn. The other shareholder, Wildlife Investments, is directed by Robert Clarke and Alister McDonald, with William Luff as a third shareholder.
Financial Standing and Assets
Jared Booth and Tony Maginness of Baker Tilly Staples Rodway have been appointed as joint liquidators. Their initial report indicates that the company has no known third-party creditors. However, related party creditors are reported to total $30 million.
The report details that the company’s assets, with an estimated realisable value of $12,200, consist of:
Funds held in trust: $11,999
GST receivable: $209
Shares in subsidiaries (noted as having “no value” based on available information)
Historical Context
The 18-hole, par-72 championship course at Clearwater was designed by Darby in consultation with Sir Bob Charles. While the company formerly owned the premier venue, the course itself was sold to its members in 2009 for $3 million. At the time of the sale, Darby stated that the transfer to membership “had always been the plan.”
Liquidators continue to process the restructuring, while Darby could not be reached for further comment prior to the reporting deadline.