KEY POINTS:
Bridgecorp executive director Rod Petricevic appeared before the Court of Appeal in Wellington today and lost.
The court turned down a stay of enforcement, which means that bankruptcy proceedings against him can continue.
Bankruptcy proceedings have been filed and they are due to be heard on Thursday.
Bridgecorp collapsed last year owing 14,500 investors almost $460 million.
Murray Tingey at Bell Gully, who is representing receiver PriceWaterhouseCoopers, said the decision today meant that the receiver could continue to enforce the bankruptcy.
The receiver would seek to have Petricevic declared bankrupt on Thursday in the High Court.
Petricevic was earlier awarded a stay of execution, stopping receivers from beginning bankruptcy proceedings.
The stay was conditional on Petricevic depositing the $576,100 receivers claimed he owed them for a tax bill in a High Court trust account by a deadline. He did not meet the deadline and the receiver then filed for bankruptcy.
Petricevic in effect has another opportunity to pay the money on Thursday to stave off bankruptcy, though interest accruing daily has increased the amount to around $600,000.
Petricevic and Bridgecorp executive Robert Roest also appeared in Auckland District Court last month on criminal charges that could put them in prison for up to five years.
The charges, laid by the National Enforcement Unit of the Companies Office, related to statements made in the company's prospectus, and in a director's certificate.
The prosecution is separate to a Serious Fraud Office investigation. Each man faces two charges under the Securities Act and one under the Companies Act.
- NZPA
