By Chris Hutching
Friday 21st March 2003
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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.
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