HSBC has pulled out of its attempt to bankrupt beleaguered businessman Ivan Erceg.The bank's lawyer Hannah Mason said a “last minute” deal had been done between the two parties shortly before the hearing and her client then had to withdraw its
HSBC has pulled out of its attempt to bankrupt beleaguered businessman Ivan Erceg.
The bank’s lawyer Hannah Mason said a “last minute” deal had been done between the two parties shortly before the hearing and her client then had to withdraw its bid.
“It was typically Erceg,” she told Philip Shackleton, lawyer for creditors in support Dorchester Finance and Public Trust, “but he paid the money he had to pay so we had to withdraw”.
Mr Shackleton said as Dorchester Finance already had its own bankruptcy bid against Mr Erceg underway, Public Trust would step in as the main creditor in the bankruptcy application.
It was owed $2.5 million by Mr Erceg.
Bell Gully also appeared as a creditor in support, but as it was owed only $40,000 Justice Graham Lang said it would be more appropriate for Public Trust to head the application.
Both Dorchester Finance and now Public Trust's bankruptcy bids would be heard on February 11.
