Queenstown Views Villas, Carlin Hotel debts and assets disclosed
The late Queenstown developer and music composer Kevin Carlin’s companies owe millions of dollars.
Carlin, a prominent property developer and owner of a six-star boutique hotel, died suddenly in early December.
The 69-year-old owned The Carlin Boutique Hotel, a $30 million-plus project, where he lived.
The BDO receivers’ first report said Carlin Hotel Property Management Ltd (CHPML) had assets of $1.195m but debts and liabilities of $12.459m.
Queenstown Views Villas Ltd had assets of $26.084m, including land and buildings valued at $25.864m.
It owed $30.788m, most of that to the secured creditors, Pablo (Australia) Pty Ltd. Pablo had security over the land, buildings, and business of the companies and appointed Diana Matchett and Colin Gower receivers.
The amounts due related to Pablo’s mortgage over six units and four car parks. Money due to Pablo either directly or through cross guarantees were $28.3m, including interest.
Some of the money owed related to various loan facilities.
The receivers’ report said the Carlin companies had no employees at the time BDO was appointed.
Crux News website in March said several former hotel employees complained of Carlin behaving strangely in the days before his death and one worker told Crux they were owed $8000.
The receivers said they had corresponded with preferential and unsecured creditors, including Inland Revenue and suppliers.
Inland Revenue said no money was owed to it.
Queenstown Views Villas had $9000 cash in the bank and CHPML had $203,000 cash.
BDO said it had taken control of all company operations and assets and considered various receivership strategies.
“In order to preserve the position, the business continues to operate from the property,” receivers said.