Ridge property company goes under

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Sunday 4 April 2004

A property development company controlled by Matthew Ridge has gone under at the behest of its shareholders but the television personality claims he is owed the most money from the wind-up.

By The Landlord

"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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