Home of troubled director for sale

COLLETTE DEVLIN
Last updated 05:00 15/11/2012

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The residence of CS Homes director Colin Murray Hiatt is for sale, but it is unlikely that unpaid tradesmen will see any of the proceeds.

Industry insiders believe Mr Hiatt has gone to Australia, where his wife is working, and say he could owe more than $500,000 to local contractors and suppliers.

Professionals Real Estate agent Sean Bellew is selling Mr Hiatt's Otatara home in Invercargill. The two-bedroomed Ruru Ave residence has an asking price of $289,000.

Mr Bellew said he had spoken to Mr Hiatt on the phone this week to discuss the sale.

"My position is to sell the vendor's private residence and I understand it has no bearing on his business position," he said.

Mr Bellew did not know the whereabouts of Mr Hiatt.

Mr Hiatt put CS Homes into voluntary liquidation last week.

Insolvency Management principal Iain Nellies and Paul Jenkins were appointed liquidators.

Mr Nellies was in Invercargill this week to investigate. He said yesterday that money from the sale of Mr Hiatt's home would not be used to pay creditors in the liquidation process.

Mr Nellies had been advised proceeds would go to the bank as the mortgagee.

He said he did not know if creditors were likely to receive any money from the liquidation until he finished his investigation.

About five projects had been left unfinished by the company but some tradespeople and sub-contractors hit by its collapse did not walk away.

Instead, they rallied together and returned to finish a few projects at cost price.

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