High Court liquidates three Henderson companies

Three companies connected with Christchurch developer David Henderson have been put into liquidation at the High Court in Christchurch.

Associate Judge Rob Osbourne has granted applications to liquidate Montecristo Construction Ltd, Te Anau Ventures Ltd and Tomanovich Holdings over debts amounting to about $900,000 (excluding costs) owed to March Construction Ltd, the Press reported.

Henderson was associated with a string of liquidated companies before his bankruptcy in 1996, but Monday's liquidations are reported to be the first, out of his 95 companies, since his discharge in 1999.

Seven Henderson-related companies are in receivership.

The court was told a proposal designed to forge a compromise with Montecristo Construction creditors had not been filed. And it was told that Te Anau Ventures, which owns a subdivision in Te Anau, owes unsecured creditors $1.5 million and secured creditors $3.2 million.

Henderson's lawyer, Dale Lester, asked for a further adjournment on Te Anau Ventures, and Tomanovich, which owns Henderson's holiday house near Queenstown.

He suggested there could be a combination of a moratorium on interest and quarterly payments over two years put to creditors.

Philip James, for March, said his client opposed the delay. A commercial approach required a liquidator to supervise the assets and to inquire into related-company securities and transactions.

The Te Anau sections were secured for more than their gross value and Tomanovich was financed to $2.63 million.

One of the secured parties agreeing to a further delay comprised Henderson's sister (Priscilla Glasson) and his brother-in-law (Tim Glasson), James said.

The associate judge said the balance of factors was strongly in favour of the creditors.

Henderson sold five properties to the Christchurch City Council for $17 million last year, with the right to buy them back.

Henderson believed a trust associated with March Construction owed him a large sum of money, and March Construction had "just got a jump on the paperwork".

In other, separate, actions, Real Estate Neuseeland GMBH and Co.Kg has applied to liquidate Property Ventures Ltd, with FM Custodians Ltd being joined as a supporting creditor.

A hearing on October 20 will decide the fate of Real Estate Neuseeland's action. Property Ventures has filed an application to set aside Real Estate Neuseeland's action.

Inland Revenue has moved against three other companies connected to Henderson.

A hearing on December 1 will consider IRD's action against the three unnamed companies.

- NZPA