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
- Boris Johnson won't run for PM: how the race shapes up now
- Equity crowdfunding progress sluggish for most licensed platforms
- While you were sleeping: UPDATED BoE's Carney signals stimulus as Boris drops out
- Queenstown real estate drives $28m gain for PGC fund
- Liquidated infant formula firm’s brand disputed by a2 Milk
Most listened to
- Commerce Commission chief lawyer David Blacktop on competition law changes he'd like to see
- ASB's Nick Tuffley on the latest 'astounding' housing credit figures
- Developers of industrial property have upped the ante. Colliers International's Chris Dibble explains why
- Marlborough Wine Estates CEO Catherine Ma explains why the Chinese-owned company listed on the NXT
- NBR technology editor Chris Keall on hitting 4000 member subscribers