Petricevic mansion on the market

Rod Petricevic's $4.4 million home in Remuera. Photo / Herald On Sunday

A Bridgecorp subsidiary case against the family trust of former director Rod Petricevic has been delayed by several weeks while his $4.4 million mansion in Remuera is put on the market.

Navigator Finance, a subsidiary of Bridgecorp, is seeking $2.2 million from the trust over a dispute regarding an alleged loan.

Last year, Navigator successfully placed a caveat over the luxurious property that prevented it from being sold.

The trustees of the R.M Petricevic Family Trust have stated that it has been difficult to raise money to defend the allegations Navigator has filed against them.

A trial was expected to start next Monday but Bruce Stewart, QC, lawyer for the trust, said today that "all the ducks would not be in a row" in time for the trial date next week.

Another hearing on the dispute has been set down for late March.

Navigator lawyer Murray Tingey said the dispute "could take a while" to see a trial date.

The trust has put forward a proposal to sell the Petricevic family home in order to raise funds.

Tingey said Navigator would need to agree on any sale price and the funds - after the mortgage had been repaid - would have to be placed in trust for protection until the dispute had been settled.

Petricevic himself is not a beneficiary of the trust but his wife Mary, his children and his grandchildren are.

There are also further issues such as whether two Australian subsidiaries - Bridgecorp Financial Services and Bridgecorp Holdings Ltd - will be allowed to join the proceedings.

Navigator, in liquidation, was set up as an investment vehicle for a film, The Navigator.

Bridgecorp's receivers PricewaterhouseCoopers are funding the litigation against the trust.

If Navigator wins, the money is expected to repay investors that lost money when Bridgecorp collapsed.

The trust was awarded $30,000 for security for cost this month.