Sharechat Logo

Sollitt gets boxed in

By Chris Hutching

Friday 21st March 2003

Text too small?
Former PDL executive Don Sollitt was this week fighting for his commercial life as more of his companies were placed in liquidation and he staved off summary judgment proceedings brought by Westpac Bank.

Mr Sollitt is understood to have given personal guarantees to Westpac and on Monday was able to stall the bankruptcy proceedings with a payment and promise of more payments of about $100,000 by the end of the month.

Several of his companies are now in receivership or liquidation on application of creditors, including Inland Revenue.

They include Chartwell Holdings, Highford Holdings, Highfield Venison Estate, Contact United Machinery, Forest Products, Timberline International, Timberline Forest Products and TransPacific Lumber.

Mr Sollitt departed from PDL after 25 years in the job in mid-1998 with a $1.1 million severance pay and another $1 million from consultancy fees and the sale of PDL shares.

In 1999 he announced he was setting up a diversified group of companies in farming, timber and technology and had expected turnover to reach $50 million by 2004.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing
Govt won't "die in a ditch" for 100% renewable target
NZ 2Q CPI +0.6% on quarter, +1.7% on year
16th July 2019 Morning Report
Suspect company faces liquidation after director dies
NZ dollar holds gains; focus on domestic inflation data
MARKET CLOSE: NZ shares slip as fears over slowing Chinese growth weigh; AMP slumps

IRG See IRG research reports