KEY POINTS:
Ex-Black Caps wicketkeeper Adam Parore and his fashion designer wife Sally Ridge are in a High Court dispute over a million-dollar purchase of a business franchise.
In November 2007, Warren Mills sold Small Business Accounting to the couple, their business partner Stuart Beadle and PMD Trustee Services.
However, Mr Mills has now filed proceedings against the trio, and company APFS, which allegedly acted as the guarantor for the sale and is behind Adam Parore Mortgages.
He claims he has received no money from the $1 million price tag apart from a $50,000 deposit made in late 2007.
Mr Mills says Mr Parore and the co-defendants defaulted on a $100,000 payment supposed to have been made by last October.
"This is going to be long and drawn out. The problem is, I now don't have any income. I've had to go out and get a job, when I should be retired by now."
Mortgage broker Mr Parore told the Weekend Herald that the High Court proceedings would be vigorously defended.
"Certainly from our perspective, there are some serious issues to be addressed," he said. "In our opinion, there's been no default and we're confident of that position."
Mr Parore declined to comment further on the specifics of the case because the matter is before the court.
Mr Beadle also declined to comment, but noted he had sold his shares to Mr Parore and Ms Ridge. He also resigned
as a director last July. "This is a commercial dispute which hopefully will be sorted out by the courts."
When Small Business Accounting was sold in November 2007, there were 32 franchises throughout New Zealand, which provided royalties to the company's owners. The company provides business and accounting services, such as payroll systems, to small firms.
The National Business Review reported that Mr Parore and his co-defendants argued that the company was not worth what they had paid for it.
But Mr Mills said due diligence on the sale had occurred and the purchase price agreed on.
More payments were due to be made in future years, which were supposed to provide Mr Mills with a retirement fund.
Lawyers for Mr Parore and the co-defendants have until March 25 to present their defence case to the High Court.
