PHOTO: LIZ MCDONALD/STUFF Auckland-based property developer Andrew Fonagy had rebuild projects in Christchurch.
A property developer behind a collapsed central Christchurch project has been ordered to pay up after his company defaulted on a loan he had personally guaranteed.
The High Court has ruled Andrew Fonagy must pay $850,000 plus interest to Primary Services New Zealand Ltd over a 2015 loan towards building a luxury Colombo St hotel and apartments.
Earlier this year the court froze the assets of Fonagy’s Cook Islands-based family trust, saying it was “seriously arguable” that he was using the trust to shift proceeds from selling an Auckland building out of the reach of the courts.
READ MORE VIA STUFF