Receivers spend all Property Ventures recovery
The receivers of bankrupt Dave Henderson‘s Property Ventures have recovered $200,401 of a $69.3 million debt.
But receivership fees have taken $151,706 and legal fees $70,946.
Receiver Tim Downes of Grant Thornton says it is unlikely there will be any further recovery of money.
The company was placed in receivership in March 2010 by Allied Farmers, owed $40.8 million under its general security agreement.
South Canterbury Finance (in receivership) is owed $27.4 million under a guarantee regarding associated company, Cashel Ventures.
The balance of money owed is to Inland Revenue and trade creditors.
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