close
MENU
1 mins to read

‘Men of good standing’ to fight director ban in New Year

Directors linked to Nathans Finance – which collapsed in August 2007, owing $174 million – were today given two days next February to fight a directorship ban sought by the registrar of companies.Former Nathans Finance directors Kenneth Roger

Jock Anderson
Mon, 13 Sep 2010

Directors linked to Nathans Finance – which collapsed in August 2007, owing $174 million – were today given two days next February to fight a directorship ban sought by the registrar of companies.

Former Nathans Finance directors Kenneth Roger Moses, and Donald Young, along with Nathans parent company Vending Technologies (VTL) chairman Gary Stevens, want a judicial review of the registrar’s banning intention, issued to them in April 2009.

In the High Court at Auckland Queen’s counsel David Jones told Justice Graham Lang there was a vast amount of computer-cloned material to be analysed.

As NBR Online reported in July, Mr Jones said the trio were “men of good standing” who did not want the registrar to make any decisions without being properly informed.

Nathans Finance reported a $133 million loss to its 7000 investors in 2007, and Mr Stevens, as VTL chairman, presided over a massive write-down of company assets in 2008.

At a July hearing in the High Court at Auckland, Mr Jones told Justice Rhys Harrison there was lack of progress getting a vast quantity of material from receivers PricewaterhouseCoopers (PWC).

In separate proceedings, Messrs Moses and Young and former Nathans directors John Hotchin (brother of Mark) and Mervyn Doolan face Securities Commission charges of luring investors by lying in company advertisements and its prospectus.

Jock Anderson
Mon, 13 Sep 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
‘Men of good standing’ to fight director ban in New Year
8437
false