Henderson case put on hold

Auckland property developer David Henderson's bid to stave off bankruptcy has been delayed after the lawyers involved in the case ran out of time to finish it today.Mr Henderson is trying to get High Court approval for a proposed scheme of arrangement for his debt of about $105 million.His scheme would see creditors get between 4c and 5c in the dollar, with money coming from his contract to redevelop the historic Victoria Park market site.

Auckland property developer David Henderson’s bid to stave off bankruptcy has been delayed after the lawyers involved in the case ran out of time to finish it today.

Mr Henderson is trying to get High Court approval for a proposed scheme of arrangement for his debt of about $105 million.

His scheme would see creditors get between 4c and 5c in the dollar, with money coming from his contract to redevelop the historic Victoria Park market site.

Inland Revenue and Westpac oppose the proposal.

Associate Judge Jeremy Doogue will now set another date for submissions to be heard, likely some time this year.

Mr Henderson’s lawyer Daniel Grove said the hearing could take two or even three days.

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