Receivers for Belgrave Finance are close to obtaining almost $15 million from former director Shane Buckley and property developer Raymond Tasman Schofield.
The failed finance firm’s receivers want $6.29 million in compound interest on top of an $8.6 claim against the pair, Belgrave's lawyer Chapman Tripp partner Michael Arthur says.
Belgrave Finance was placed into receivership in May 2008, owing 1000 public investors more than $20 million. Investors have got back 17.4c in the dollar of their principal, according to the latest receivers' report.
Mr Arthur told NBR ONLINE that in the High Court at Auckland yesterday Justice John Fogarty indicated he would grant judgment in favour of the receivers.
“He indicated he was satisfied we had proved the elements of the claim but wanted to consider further the interests calculation,” Mr Arthur told NBR ONLINE.
Belgrave had argued Buckley breached his duties to the company by facilitating related-party loans.
Mr Arthur says numerous advances were made from Belgrave to interests associated with property developer Schofield, who was in substance the finance company's ultimate owner.
Neither Buckley nor Schofield were represented in court yesterday, the lawyer said.
Buckley pled guilty to 25 charges on May 25, 2012 and was sentenced to three year’s imprisonment in August that year.
Schofield was granted a conditional stay of the criminal proceeding on the grounds that he has a terminal illness.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Joyce associates openly talking about leadership change
- Whanganui’s Sarjeant Gallery to get multimillion dollar extension
- iPredict decision the work of 'officious aliens' – Crampton
- Parent, widow of Pike River casualties fail to force review of decision to drop charges against Whittall
- Fire planners and let people decide
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’