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Home » Debts increase to $35m | Otago Daily Times Online News
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Debts increase to $35m | Otago Daily Times Online News

By Press RoomOctober 7, 20253 Mins Read
Debts increase to m | Otago Daily Times Online News
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Debts increase to m | Otago Daily Times Online News
Another business linked to Christchurch property developer Andrew Bendemski has folded, leaving a string of connected companies owing at least $35 million to creditors.

Among failed projects was a Wanaka development with consent to build about 60 townhouses near the lake waterfront, which went to mortgagee sale last year.

This was owned by Stoney Creek GCO Ltd, whose director was Mr Bendemski.

After developing Christchurch and Wanaka subdivisions, he now has an Auckland address.

The latest of interwoven companies to go under this year is GCO Pharmaceuticals Ltd, which was placed in liquidation on September 26.

Mr Bendemski is the sole director of the company.

Gerry Rea Partners insolvency practitioner Simon Dalton was appointed liquidator and put out his initial report to creditors and shareholders on Friday.

He has yet to estimate a total shortfall for the company, listing Inland Revenue, Bizcap NZ Ltd and Organic Genetics as creditors.

GCO Pharmaceuticals was set up by Mr Bendemski in 2022 with troubled GCO Group Ltd listed as the shareholder.

Mr Dalton said in the report the company office indicated GCO Pharmaceuticals operated a medicine wholesaling business in Canterbury.

‘‘However, there is no evidence to suggest the company is trading. The liquidator of the shareholding company identified related party debts owing by the company and resolved to place the company into liquidation.’’

He said the liquidators would conduct an investigation into the failure of the company.

If funds permitted a distribution might be made to creditors after its assets were realised.

Creditors have until the end of the month to file a claim.

Mr Bendemski is also the director, and a shareholder until last year, of GCO Group, which was put into liquidation by order of the High Court on the application of Bizcap NZ on March 20. The company, which operated a management services business in Canterbury, had estimated debts of $3.61m with 24 creditors.

Mr Dalton is acting as the liquidator of GCO Group and is also the liquidator of other related companies, including S5 GCO Capital Partnership GP Ltd, S5 Consulting Group Ltd and Tennyson GCO Ltd.

Mr Bendemski is the sole director and shareholder of S5 GCO Capital Partnership GP, with an initial liquidation report in April identifying debts of nearly $4.53m and three creditors.

The company, described as an investment business, was also put into liquidation by the High Court on the application of Bizcap NZ on March 20.

Mr Bendemski is the director of Tennyson GCO, which was put into liquidation by shareholders on April 10. Later that month an initial report into the company, which operated a residential development business in Auckland, had yet to determine the overall debt.

S5 Consulting Group Ltd, with Mr Bendemski named as the sole director and shareholder of the consultancy company, was found in a final receivers’ report released in August to owe about $1.3m

He is the director of land development company in receivership Blue Skies GCO Ltd with debts of more than $18m, director of residential property company in liquidation Merivale GCO Ltd and director of land development company Bowenvale GCO Ltd, which has debts of about $7m.

— Allied Media

 

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