Ridge property company goes under

"I'm no dodgy businessman," said Ridge, explaining that he had tried to save the company by injecting large amounts of cash into it.

M3, which owned and developed a $3.8 million apartment site at 115 Remuera Rd, went into voluntary liquidation last Thursday, superseding a Christchurch creditor's claim for $40,000 over materials supplied to the eight luxury townhouses.

M3 creditor Tony Kiesanowski, a consultant to Christchurch law firm Young Hunter, said yesterday that he had applied to the High Court to withdraw his action to wind up M3, a matter due to go before the courts yesterday, because the company had gone into voluntary liquidation.

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