Jacks Point: Dean Franklin's liquidated company owes $7.5 million

Controversial property developer Dean Franklin's Formcrete Construction Ltd has gone into liquidation owing $7.5 million in spite of a Jack's Point email to residents yesterday claiming the move was just "a strategic clean up."

Creditors included in today's first liquidators report include the IRD (owed $2.449 million in GST and PAYE) and over $250,000 to local suppliers including Todd Walker Law, Windsor Doors in Cromwell, Queenstown Scaffolding, Brazier Scaffolding, Cougar Security and Polyblock Services in Arrowtown.

This was the message sent to Jacks Point residents earlier today.

Crux objects to a reference to “speculative media comments” as our coverage is exclusively based on public company records and statements made on Mr Franklin’s own website (now removed).

There is no liquidators report for two other Franklin companies that also entered liquidation on June 25th - last week. SR Corporate Ltd and Falconer Corporate Ltd.

The liquidators report says the book value of company assets is $2.9 million - but the report says that it's not possible to know how much of that can actually be realised.

Here's their current Statement of Financial Position.