Phil Stratford made bankrupt

Wellington property developer Phil Stratford has been made bankrupt owing more than $2.28 million to Inland Revenue.

It is Mr Stratford's second bankruptcy. His first was in 1989 when he owed more than $12m. He was discharged from bankruptcy three years later.

On Tuesday, Associate Judge David Gendall adjudged him bankrupt for the $2,285,981 owed in tax and penalty payments.

The court was told that IRD began proceedings in March and Mr Stratford asked for several adjournments wanting to have the tax owing reassessed, but the judge said there was no evidence before the court he had done so.

Mr Stratford originally opposed the bankruptcy. However, he did not appear on Tuesday and the judge said the application to have him made bankrupt was effectively unopposed. There was no information on his assets and liabilities before the court.

Mr Stratford had filed a debtor's petition with the Official Assignee but it was not accepted while there was action before the court, the judge said. There were also deficiencies in the application.

Mr Stratford achieved fame as chief executive of Renouf Properties, which was merged into Renouf Corporation. He then became embroiled in the collapse of investment firm Energycorp, which ultimately led to his 1989 bankruptcy.

Mr Stratford offered to put an aquarium on the waterfront at no cost to the city but failed to gain support. He later bought the ship that was to have featured in Peter Jackson's movie King Kong.

Originally known as Manuia, it was later renamed Venture but did not end up in the movie. Mr Stratford planned to use it as a centrepiece of the proposed aquarium but it fell through.

He tried to sell the ship but it ended up abandoned to Greater Wellington regional council. The ship is still at Miramar Wharf but harbourmaster Mike Pryce now has a dumping permit and hopes to scuttle it in Cook Strait in the next few months.

Last year fellow property developer Terry Serepisos cancelled a contract to buy a Willis St parking building, which was owned by Mr Stratford, for about $20 million.

The property was later sold to sex-trade entrepreneurs and developers John and Michael Chow in a mortgagee sale.

Mr Stratford could not be reached for comment.

- © Fairfax NZ News