Steve Hicks sorry for 'stress and disappointment'
Police are investigating after a Christchurch firm went bust leaving homeowners and creditors left out of pocket.
Steve Hicks is now the sole director of Christchurch building firm Tectonic Construction which went bust owing hundreds of thousands of dollars.
This morning he apologised to homeowners and other creditors left out of pocket.
Hicks said apologised in a statement ''I am very sorry . . . for the stress, disappointment and financial loss this has caused them [creditors] and their families,'' Hicks said.
Police have confirmed they are now investigating after Hicks alleged the company had fallen victim to fraud.
The Press reported on Saturday that Erica McLachlan paid developer and builder Tectonic Construction more than $220,000 in advances for a land and house package in Kaiapoi's Silverstream development.
At least three other homeowners have also lost their deposit and several sub contractors were never paid for their work, according to a former employee.
Hicks said he realised that the company was no longer in a position to keep trading and has been insolvent for ''some time''.
''I believe this was mostly due to underestimating the builds and the time to build.''
HICKS STARTED NEW BUSINESS
Hicks founded another company, Reactive Foundations, in April.
He then resigned as director as The Press made inquiries into his business dealings.
The company specialises in seismic base isolation for residential houses.
Hicks resigned as director of Reactive Foundations on Friday, according to New Zealand Company Office records.
He handed over 60 per cent of the shareholdings to Craig Crawford, who is now the company's sole director.
Crawford was declared bankruptcy in May 2010, according to official records.
Hick's name and contact details are still listed on the Reactive Foundations website.
Crawford could not be reached yesterday.
Another Christchurch company that trades as Tectonic Enterprises, manufacturers of concrete products, is in no way related to Tectonic Construction.