Hartners file debt proposal

By ANNE GIBSON

Insolvent Auckland couple Wayne and Gaile Hartner have filed their debt compromise arrangement in the High Court at Auckland to stop them being declared bankrupt.

A public notice yesterday said the Hartners had filed a proposal under Part XV of the Insolvency Act 1967.

Provisional trustee Jeff Meltzer said creditors would meet on June 13 and vote on whether to accept the offer.

The Hartners' lawyer, Keith Young, said they owed $770,116 to suppliers and subcontractors for their house in Golf Rd, Epsom.

But if creditors had them declared bankrupt, they were "unlikely to receive more than 5c in the dollar."

It was therefore in the interest of creditors to agree to the debt compromise arrangement, he said.

Half the creditors must agree for the offer to go ahead.

A list of the Hartners' personal assets details:

* A BMW 750, expected to realise $120,000 but subject to a National Bank finance charge of $120,000.

* A Westhaven Marina berth, estimated to realise $230,000.

* Furniture and jewellery, expected to fetch $20,000.

* Unsecured loans to Hartner companies and trusts, with a face value of $5 million but estimated to realise nothing.