Directors are Tung-kuang Liu and Gianna Lee Evans.
Fisk and Bennett said Green & McCahill Holdings was incorporated in 1956 as a holding company for a large coastal block of undeveloped land at Weiti Bay north of Auckland.
In 2011, it struck a development deal with third parties, which included debt funding secured by mortgages over the Weiti Bay land, the report said.
The first stage of the development was successfully completed – a 150-lot Weiti Bay subdivision which is now a privately-owned functioning community.
But when sales stalled for other parts of the plan, it plunged the wider project into a court battle so toxic it aired claims of “malevolent” hatred, a “Nigerian money scam” and a “sham” land sale.
The relationship between the parties deteriorated to the point that in 2019, part of the land was sold by mortgagee sale.
Yet the amount yielded was insufficient to repay the mortgage debt.
In 2020, the company started High Court proceedings to challenge that mortgagee sale.
After a hearing last year, the company’s claims were dismissed.
The High Court instead upheld a counterclaim against the company.
Costs and other amounts were awarded against the company and enforcement action followed.
“We understand the primary causes of the company’s insolvency were the adverse litigation outcome, the resulting judgment debt, interest and costs, creditor enforcement action and limited available funds,” the liquidators’ report said.
A 315-page decision was issued by the High Court at Auckland last September 5, then reissued on September 25 and October 14.
Land from the Weiti project development north of Auckland as taken from a real estate listing after it was put up for a High Court Sheriff forced sale on June 24, 2026.
Green & McCahill Holdings brought an action against Evan Christopher Williams and Ara Weiti Development before Justice Andrew Becroft.
That said the overseas-owned landowner company, which is the plaintiff, maintained it had suffered a massive loss because of a botched subdivision development and the subsequent unfair and sham mortgagee sale of part of its land.
But Justice Becroft accepted Williams’ account of the event in which he said Tong Kuang Liu of Taiwan told him words to the effect of: “How will you feel and what would your family feel when you go bankrupt without my support?”
Justice Becroft found that Williams was a more credible and reliable witness than Liu.
“I unhesitatingly conclude that Mr Williams is a reliable and credible witness,” Justice Becroft said, while noting Liu’s evidence was “neither reliable nor credible”.
Now, the accountants are following the money trail.
The liquidators said a June 8 meeting of creditors resulted in the removal of administrators Boris van Delden and Keaton Pronk from Green & McCahill Holdings.
Fisk and Bennett were appointed as joint and several administrators.
Creditors then voted for the liquidation on June 30 at a watershed meeting.
Creditors are listed in Fisk and Bennett’s report as Evan Christopher Williams, Ara Weiti Development and Ara Weiti Bay Development, Williams Management Trustee, Lambton Quay Properties Nominee, Clearwater Capital Partners Direct Lending Opportunities Fund LP and Clearwater NZI SMA, Orere Farms, the Liu family, and Baroque Overseas.
John Fisk is one of the liquidators. In March, he joined Teneo.
At the time of liquidation, the company’s principle asset was its remaining undeveloped coastal land, which is about 740ha.
The book value in the accounts did not reflect the realisable value, the liquidators said.
Last month, the Herald reported on the failed 1200-home Weiti project.
Land was set to be sold to recover a $67m-plus debt, that story said.
Homes sold as part of the completed Weiti Bay subdivision, during the project’s first stage, were now privately held.
They are not part of court proceedings.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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