Henderson escapes bankruptcy cliffhanger
Princess Wharf developer David Stewart Henderson has fended off the taxman's bankruptcy bid for a fourth time.
Princess Wharf developer David Stewart Henderson has fended off the taxman's bankruptcy bid for a fourth time.
A strongly argued application by the Commissioner of Inland Revenue to have Mr Henderson - who owes creditors about $120 million - bankrupted today failed and was adjourned by Associate Judge Jeremy Doogue until April 19, to allow Mr Henderson's amended payment proposal to be put to creditors.
His current proposal is for a total of $1.5 million to be paid to creditors over an 18-month period beginning in June.
In adjourning the matter to allow a creditors' meeting - expected to be held on April 11 - Associate Judge Doogue said there should be no expectation of any further adjournments if the creditors' proposal was not accepted.
Jock Anderson
Thu, 31 Mar 2011
Thu, 31 Mar 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Henderson escapes bankruptcy cliffhanger
13525