Liquidation for golf estate

2011-02-05 00:00

THE master of the high court has appointed joint provisional liquidators in the three companies involved in the Cotswold Down Development liquidation.

Pierre Berrangé was appointed in all three companies.

This after well-known property tycoon Keith Wakefield lost a bid in the supreme court in Durban earlier this week to save the R107 million luxury Hillcrest golf estate from liquidation, following a protracted lawsuit in which Wakefield and fellow directors of Cotswold Downs tried to keep the 220 hectare estate afloat.

The case arises from a loan of about R40 million that Cotswold Downs made from FirstRand Bank to finance the development.

Media reports earlier in the week indicated that about 123 investors, who could not take transfer of the properties due to unpaid VAT owed by the development company, stand to lose money invested.

Various parties concerned stressed that residents of the estate will not be affected by the court order.

“At this stage it is not possible to give an indication to creditors as to the assets and liabilities of the companies, or the effect of the liquidation on the option holders.

The joint provisional liquidators were to meet with directors yesterday, where they were “to take control of the assets, books and records of the company,” read a statement from Berrangé Incorporated.

Berrangé has indicated that meetings will be held next week with the option holders and other interested stakeholders to appraise them of the position.

“The golf course will continue to operate as it has in the past and registered property owners’ rights are not affected in any way. The shareholders of the companies are not linked to Wakefields Real Estate (Pty) Limited.”

Wakefield could not be reached for comment yesterday.

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