KEY POINTS:
Bridgecorp founder Rod Petricevic is challenging a High Court decision ordering him to repay over $600,000 to the failed finance company's receivers.
The move comes after he unsuccessfully tried to deflect the receivers' claim with a counterclaim for a $1.1 million golden handshake.
Last month the receivers gaineda summary judgment against Petricevic compelling him to pay back tax the company paid on his salary in September 2006.
This includes a payment of $576,000 made in response to Inland Revenue's demands for it, plus interest.
In reply, Petricevic claimed Bridgecorp owed him $1.1 million in salary, bonuses and redundancy pay. But last month Associate Judge David Robinson said the counterclaim did not "afford a defence" and should be referred to the Employment Relations Authority.
Now Petricevic, also facing criminal charges brought by the Companies Office, is seeking an order for a stay of execution and for the summary judgment to be set aside. The matter will be heard in the High Court at Auckland next week.
Receivers John Waller and Colin McCloy of PricewaterhouseCoopers have confirmed they are targeting property belonging to Petricevic.
They say they have a further claim against Petricevic for "in excess of $3 million", subject to ongoing courtproceedings.
The lawyer for the receivers, Murray Tingey, told the court yesterday that the matter should be given a priority hearing, for the longer the matter dragged on the more the risk that Petricevic's assets would be "dissipated".
Tingey cited the example of a Porsche that was registered to Rod Petricevic in July 2005.
On July 19 last year, two weeks after Bridgecorp collapsed, ownership of the car was transferred to Petricevic and his wife as trustees of a family trust.
"The only reason would be to put it out of reach of his creditors, " said Tingey.
Bridgecorp collapsed owing almost $460 million to 14,500 debenture holders. Latest estimates from the receivers are that investors may get as little as 13c in the dollar back.
Meanwhile, Petricevic and fellow Bridgecorp director Robert Roest have been charged under the Companies and Securities Acts. The charges relate to claims by the directors and in the company's prospectus that it had never missed an interest or principal payment.
"Between February and June 2007, Bridgecorp failed to make many of its required interest payments and investment redemptions by the due dates," Registrar of Companies Neville Harris said.
If convicted the two face maximum penalties of a $300,000 fine or five years in prison.
The Serious Fraud Office and the Securities Commission are also investigating Bridgecorp.
THE CASE
* Bridgecorp founder Rod Petricevic is challenging a High Court order that he repay $600,000 to the company's receivers.
* He had tried to deflect the claim by counterclaiming a $1.1 million golden handshake.
* Bridgecorp's receivers say they are targeting Petricevic's assets.
* But they fear as proceedings drag on, assets may "dissipate".
