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Property developer avoids bankruptcy again

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JAMES SMITH: Previous owner David Blackmore outside the former landmark department store in Wellington's Lower Cuba St.

JAMES SMITH: Previous owner David Blackmore outside the former landmark department store in Wellington's Lower Cuba St.


A last ditch attempt by a former high flying Wellington property developer to avoid bankruptcy could be derailed by a $5000 debt.



David Blackmore, the former owner of the James Smith building in central Wellington, previously raced luxury cars with porn king Steve Crowe and owned a $3.8 million apartment in central Auckland.

But following the liquidation of the Blackmore Trust by the Inland Revenue last year, he has been facing bankruptcy, with personal guarantees on loans of around $15.6m.

This week he is back in the Wellington High Court attempting to delay the process, with signs a compromise deal with creditors might be possible.

In a statement to the court, Blackmore told Associate Judge Jeremy Doogue that while he had previously dispensed with the services of a lawyer because there was ''not much point to try to defend'' himself against the bankruptcy application, the position had now changed.

According to Blackmore, creditors owed more than $15m of the total debt were ''prepared to entertain a nominal payment in the settlement of their accounts and that will enable the payment of smaller accounts, either in sum or in part''.


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