By Rashleigh MacFarlane

The property developer who tried to turn Hayle’s North Quay into a luxury housing complex has been declared bankrupt.

Simon Wright, 57, has been ordered to hand over his assets to his largest creditor.

Work on the North Quay project stopped suddenly in February.  The 100-acre development is within a UNESCO World Heritage site.

Several other companies which had been relying on payment for work done at Hayle also went bust.  Total debts are thought to be around £135 million.

Administrators are now trying to complete the construction but have warned this will be a lengthy and piecemeal process, as and when funds become available.

The financial disaster at Hayle is a sobering reminder of what happens when developers overreach, particularly in a commercial environment marked by high inflation and high interest rates.

Cornwall Council is continuing to press ahead with its £230 million Pydar regeneration scheme in Truro, despite warnings that the project is not viable.