House sale delays Petricevic trust trial
A High Court trial involving ex-Bridgecorp boss Rod Petricevic's family trust was today put on hold in the hope Mr Petricevic's Remuera mansion could be sold for top dollar.
A High Court trial involving ex-Bridgecorp boss Rod Petricevic’s family trust was today put on hold in the hope Mr Petricevic’s Remuera mansion could be sold for top dollar.
Sale of the mansion, which has a cv of $4.41 million and is perched on a corner site overlooking exclusive King’s School, is subject to the release of a caveat put on the title by liquidators of Bridgecorp subsidiary Navigator Finance.
Navigator’s bid to recover $2.25 million from the Petricevic family trust, which was due to begin in the Auckland High Court next Monday, was vacated by Justice Graham Lang and new trial dates will be set after March 21.
Time was also given to resolve “difficult discovery issues still being run to ground,” some of which go back 15 years, according to Mr Petricevic’s Queen’s counsel Bruce Stewart.
National Business Review reported exclusively this month an advertised bid to try to sell the mansion on the Chinese new year market.
The 253 Remuera Road property was advertised in one issue of an Asian language real estate paper, then “put on hold” after getting lookers but no offers, according to Bayleys agent David Rainbow.
Mr Stewart told Justice Lang, the parties “did not have all our ducks in a row” for next Monday’s scheduled trial.
Mr Stewart said the property would be re-advertised, with expectations it would sell for the best price and proceeds be put into trust in the hope there would be enough to satisfy Navigator’s claim.
Navigator was earlier ordered by the High Court to provide $30,000 security for costs before the action against the family trust got underway.
Mr Stewart told the court steps would also be taken to join related Australian-registered entities Bridgecorp Holdings and Bridgecorp Financial Services 2007 in actions against Mr Petricevic and other Bridgecorp directors.
Jock Anderson
Mon, 21 Feb 2011
Mon, 21 Feb 2011
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House sale delays Petricevic trust trial
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