Creditors give Henderson the tick
David Henderson wins support for debt repayment plan.
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Hawke’s Bay
Auckland developer David Henderson staved off bankruptcy today, winning support from creditors to repay 4c in the dollar of a $105 million debt over three years.
Mr Henderson’s $1.5 million debt repayment scheme was won majority support from creditors this morning, ahead of tomorrow’s bankruptcy hearing at the Auckland High Court.
Proceedings were put on hold last month to allow Mr Henderson to put the amended payment proposal to creditors.
Today’s creditors’ meeting was held at the Northern Club in central Auckland – facilities at which are for member use only or to be used with the sponsorship of a member.
Mr Henderson Has been confident he would win support for his proposal and fend off IRD’s bankruptcy bid, first launched three years ago.
IRD would end up with about $250,000-$300,000 of the total due to be repaid.
One of Mr Henderson’s largest creditors, Bankwest in Australia (owed $A27.95 million) would not comment on the proposal or the meeting.
Downer Construction New Zealand (owed $3.5 million) did not vote today. Chief executive Cos Brewen as not able to comment today.
Mr Henderson plans to fund the repayment from a management contract to redevelop Auckland’s Victoria Park Market, which he bought for $14.5 million in 2005.
Georgina Bond
Mon, 18 Apr 2011
Mon, 18 Apr 2011
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Creditors give Henderson the tick
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