Mark Lundy retrial: Court paints a dire financial picture

Details of Mark Lundy's financial difficulties are being revealed in the High Court at Wellington. Photo / Mark Mitchell

A dire picture has been painted of Mark and Christine Lundy's financial situation at a court in Wellington today.

A specialist accountant told the High Court the couple had total financial commitments of nearly $440,000 and no assets to speak of.

Lundy, 56, is fighting charges of killing his wife Christine and 7-year-old daughter Amber.

The mother and daughter were found viciously murdered in their Palmerston North home on the morning of August 30, 2000.

The nine-week trial has entered its second week and more than half of the prosecution's 145 witnesses have given evidence to the jury of five women and seven men.

Today, police forensic accountant Reginald Murphy told the court the couple had total financial commitments of $439,000.

There were no assets of any consequence, he said.

The couple's house, valued at $115,000, was secured to Westpac Bank, he said.

When asked by Crown prosecution lawyer Philip Morgan if the Lundys were solvent, Mr Murphy said: "I would think not."

But the couple's kitchen sink distribution company, Marchris, was viable with the support of its parent company Duratech Industries.

Lundy's company relating to his prospective vineyard, Wine Growers, was a "liability back to the Inland Revenue", he said.

However, under cross examination by defence lawyer Ross Burns, Mr Murphy agreed the bank seemed to have no problem with how the Lundys were meeting their financial obligations.

He also said Marchris was viable and there was $19,000 equity in the couple's house.

Earlier today the court was told of warnings given to Lundy by a friend and business advisor as well as his lawyer about the financial dangers of making an unconditional agreement on the sale of plots of land he had not secured investors for.

Those investors did not eventuate.

The trial continues.

Key evidence:

* The vineyard venture involving a 44ha property would have cost at least $32,000 per hectare to set up

* Lundy was warned of the dangers of unconditionally agreeing to buy two plots of land without the money from investors

* A business advisor told Mrs Lundy in the weeks before her death the vineyard venture was risky and urged her to tell her husband

* The couple was not solvent at the time of Mrs Lundy's and Amber's deaths

* But their kitchen sink Marchris was viable