In May, BusinessDesk reported that a Christchurch social housing operator went into receivership owing creditors $10m.
The company, Essex Property Ltd, is owned by Jason Lopas.
The receivers’ report shows that last March, Fiona O’Hanlon registered a security interest over the company’s assets.
Then, only two weeks later on 1 April 2022, Lopas incorporated a new company, Filo Property Ltd, in which he and O’Hanlon are directors.
Notably, O’Hanlon also owns 50% of the shares of Filo Property which she holds jointly with the owner of Stuff, Sinead Boucher.
The receivers will need to look closely at any transactions between Essex Property and Filo Property.
On the face of it, a strange transaction for Boucher to be involved in.
Let’s see how all this plays out.
Are we seeing the end of some players in the Fourth Estate?