Top broker morphs firm
Mortgage broker Sue Tierney has liquidated her company and created a new one under the same name which leaves a court-ordered debt to a former contractor behind.
Wednesday, January 20th 2010, 11:13PM
Tierney is the president of the Auckland Property Investors Association, founder of Mortgages by Design and a winner of the Mortgage Broker of the Year Award in 2002.
The Sunday Star Times reported that Tierney changed Mortgages by Design's name to PIN two weeks before placing her company in liquidation on December 23, 2009.
On the same day as the name change she also formed a new company called Mortgages by Design.
The SST reported that both companies had the same registered address and ownership structure, with each owned by Tierney, who was also the sole director.
The liquidator's report by Meltzer Mason Health for PIN states the company (formerly Mortgages by Design) had debts of $421,895 and no assets.
"The company traded as a mortgage broker and was subject to a claim by a former contractor. Ultimately the Court found in favour of the claimant, however the company is not able to meet the debt awarded by the Court. The shareholders concluded that the company be placed into liquidation," the report said.
| « Mark Childs wins Broker of the Year | Ross Butler resigns from Mortgage Link to protect integrity » |
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