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Failed finance company Bridgecorp was planning to take legal action against Auckland developer Brent Clode before it went under owing about 18,000 investors $500 million.
Bridgecorp's lawyer is now taking instructions from receivers at PricewaterhouseCoopers. The finance company had sought costs against the property developer's company over money loaned on a development.
Bridgecorp filed an application against Clode's company, 11 The Avenue.
Yesterday, lawyers for the two parties were due to appear in the High Court at Auckland. That matter was to be heard by Justice Hannah Sargisson.
But Des Wood, the barrister acting for Clode's company, said the matter had now been settled by agreement.
"It's been resolved by consent so there won't actually be a hearing," Wood said. The situation had changed since Bridgecorp had gone into receivership, he said.
Craig Andrews of McVeagh Flemming was to appear for Bridgecorp but said he was now taking instructions from the financier's receivers at PricewaterhouseCoopers.
Clode, a 1988 Olympic kayaker, came to prominence in 2003 after the death of a worker on a site he was developing.
He was fined in the Auckland District Court after he pleaded guilty to numerous charges under the Health and Safety in Employment Act and the Building Act.
