Struggling Henderson buys more time

Auckland property developer David Henderson. File photo

Struggling Auckland developer David Henderson has just got yet more time to save himself from the bankruptcy noose.

The High Court at Auckland has allowed him another few weeks before Inland Revenue and Bank of Western Australia get a chance to run arguments against him which would place his financial affairs in the Official Assignee's hands.

Henderson, with claims against him from creditors of $127 million, said on Monday he had support for a $1.5 million partial repayment scheme.

Daniel Grove, Henderson's barrister, is seeking court approval of the scheme which will see Hendo repay $500,000 this June, the same next June and the final amount next December.

But Nick Malarao, counsel for the Commissioner of Inland Revenue, questioned whether Henderson had really got past the requisite threshold on his scheme of arrangement with creditors.

Malarao opposed any adjournment saying the debt dated back two years and he wanted to proceed.

But Judge Abbott scheduled a timetable for documents to be filed later this month and a hearing to be set towards the end of next month to decide Hendo's fate.

Henderson, who lives atop Auckland's five-star Hilton Hotel on Princes Wharf, developed that white ship-like precinct and many other projects.

But he wants to work as a consultant on the redevelopment of Victoria Park Markets, which he once owned, to earn $75,000 a year to repay creditors.

Bankruptcy, he claims, will leave creditors with nothing.