A Wellington, New Zealand, self-storage developer has defaulted on a $5.6 million loan (about $4.21 million USD) issued by St. Laurence Lending.
Frank de Vries, who refurbishes large commercial properties along with developing and owning self-storage, went before the High Court of Wellington last week and was declared bankrupt, even though he pleaded for time to restructure the 26 companies he controlled to clear his debt. The court determined he had ample opportunity to settle with St. Laurence Lending out of court but was unable to propose a mutually reasonable arrangement. St. Laurence Lending is part of the failed St. Laurence financial group, which went into receivership last April, owing investors $212 million (about $159.9 million in the United States).
