- The developer behind an unsuccessful property development in Hastings has declared himself bankrupt with his company still owing nearly $3million.
Nick Duff, also known as Stephen Duff, applied to make himself bankrupt on August 30. Duff, 67, of Auckland, is the brother of well known author Alan Duff.
His company Frimley Estate was incorporated in late 2004 with the purpose of subdividing 7.86 hectares in the Hastings suburb of Frimley. A total of 21 investors bought one million shares. The development began, and was intended to be completed in 2007, but was never finished.
Last year the Financial Markets Authority told the High Court the company had contravened the Securities Act by failing to issue a prospectus. The FMA said the “contraventions by Frimley were serious”.
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MARTY SHARPE
Frimley Estate, on the northern edge of Hastings. The man behind the development, Nick Duff, has declared himself bankrupt.
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