Fomer Hanover director Mark Hotchin's bid to thaw a freeze on his assets in the High Court in Auckland has been dismissed by the Court of Appeal.
Hotchin's New Zealand-based assets and those owned by two trusts associated with him - including a seven-bedroom Paritai Drive mansion - were put on ice in December 2010 when the Securities Commission (now the Financial Markets Authority) launched an investigation into Hanover Finance, Hanover Capital and United Finance.
The asset preservation orders were put in place to ensure that if any investors wished to take civil action against Hotchin, there would be money available should they win.
Although some of the orders against the trusts were lifted last year, Chief High Court Judge Helen Winkelmann kept the freezing orders against the former Hanover director in place.
Hotchin made a renewed bid to lift the orders in the Court of Appeal last month to replace the freeze with formal undertakings but this was rejected in a decision released today.