Christchurch developer Dave Henderson narrowly avoided bankruptcy in the Christchurch High Court this afternoon.The arguments came down to a proposed creditor scheme of arrangement and whether he had sufficient support among creditors that would give the
Christchurch developer Dave Henderson narrowly avoided bankruptcy in the Christchurch High Court this afternoon.
The arguments came down to a proposed creditor scheme of arrangement and whether he had sufficient support among creditors that would give the repayment plan a chance.
Associate justice Tony Christiansen accepted arguments from Mr Henderson’s lawyer Austin Forbes QC, that there was a chance the voting for the scheme would tip in his favour if one or more creditors realised (sold) the security they hold.
He adjourned the hearing until November 29, expressing his doubts that the repayment scheme had much chance.
NBR understands this would probably involve the South Canterbury Finance receiver achieving a sale of Hotel So in Christchurch.
Justice Christiansen said that the gross debts filed against Mr Henderson’s companies was $165 million ad the net debt after taking the value of securities into account was $86 million.
