Misc

Leaky building law makes drips of ratepayers

What a sick joke the Government's attempts to resolve the leaky building scandal has become. If the recent decision of the Weathertight Homes Resolution Service on the Ponsonby Gardens townhouse complex is any precedent, serial leaky building developers like Tim Manning will walk away without paying a cent compensation, but innocent ratepayers like you and me will be in the gun for many millions of dollars.

Monday, March 28th 2005

Mr Manning - also the developer of the leaking disasters of Sacramento at Botany Downs, West End in Grey Lynn and the Grange, Albany - has escaped with his wallet intact for two reasons.

First, like many of his kind in the feverish housing construction boom, he created a special limited liability company to build this development, then swiftly put it into liquidation when things turned to custard. This closed the door on any compensation claims by disgruntled purchasers.

Second, weathertight resolution service adjudicator Tony Dean has ruled Mr Manning had no personal liability as a director because he had not "worked at the coalface" at Ponsonby Gardens. "He may have encouraged his people to cut costs, time and corners, but he never instructed his people to build in contravention of the building code."

So much for the captain being in charge of his ship and all that.

Read More - Opens in a new window
Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ASB Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
ANZ Special 6.79
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Rate cuts needed to lift mood

Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in government, mainly from property investors, has waned as homeowners and buyers hang out for interest rate cuts, says Kiwibank.

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.