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  1. #1
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,032

    Default High-living fashion family owe a pile in unpaid rent

    "Family members of a former richlister walked out of their luxury fashion store owing more than $350,000 in unpaid rent.

    The retired owner of the premises said he was plunged to the brink of financial ruin by the debt."

    http://www.nzherald.co.nz/nz/news/ar...ectid=10767379

    I cannot understand the logic of some people when they say:

    "We were probably more than a little naive but we [pinned] our hopes on their repeated promises ... because we felt that in a recession, we would be very lucky to find new tenants."

    So you don't evict someone who is not paying any rent because you might have trouble finding someone else who will actually pay the rent?

  2. #2
    Join Date
    Dec 2010
    Location
    Cambridge, NZ
    Posts
    1,375

    Default

    The solution to which is to start looking for new tenants and evict the present ones when you find them.

    You can, unfortunately, get yourself in a real tangle here, because a tenant can generally get their lease reinstated by the court if they front up with the money...arrears, interest, costs. Which is a bit of a problem if you've leased elsewhere in the meantime. You need to be careful with the conditions and it would be prudent to allow a bit of lead in time to see if the exiting tenant can actually pay.

    For that reason, you get landlords feeling a bit hamstrung about signing someone up before they've gotten rid of the old tenant, sometimes a bit too timidly I feel. In the landlord's favour there are cases where the tenant claims reinstatement but the court rules it is no longer practicable because the new tenant is in.

    Interested to see that the landlord often didn't require personal guarantees. That would be fairly unusual these days.

  3. #3
    Join Date
    Jul 2011
    Location
    Tauranga
    Posts
    2,769

    Default

    Rippin once controlled a $60 million fortune. He was bankrupted after going guarantor on a loan for his stepdaughter Maria Williams
    Expensive daughter.

  4. #4
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,776

    Default

    LOL.... not even daughter.....stepdaughter ......wouldn't be ironic if the mother married him for his money

    Cheers
    Spaceman
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise

  5. #5
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,032

    Default

    They usually do.

    She'd be off as soon as the money runs out.

  6. #6

    Default

    Perhaps Dean has a vacancy in one of his Alabama Trailer Parks


  7. #7
    Join Date
    Feb 2004
    Location
    Wellington
    Posts
    2,776

    Default

    ^ I so hope that, that's real

    Cheers
    Spaceman
    Delightfully in need of some Tender Loving Care
    Blessed are those who can give without remembering and take without forgetting
    Some things are not as they seem, nor are they otherwise


 

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