Bankrupt Henderson holidaying in Spain, risks conviction

20:00, Jun 21 2011
David Henderson
BANKRUPT: David Henderson has returned from his unsanctioned trip to Spain.

Bankrupt Auckland property developer David Henderson is holidaying in Spain on a friend's yacht rather than in Australia as he told the Official Assignee.

The OA, who administers all bankruptcies, must give consent for a bankrupt to leave the country under the Insolvency Act.

Failure to do so could mean a conviction, or up to three years in jail, a fine of up to $10,000 or both.

Henderson fled the country without the OA's permission the day after he was adjudicated bankrupt on June 9 by  Associate Judge David Abbott in the High Court at Auckland after proceedings were initially brought by the Inland Revenue which is owed $3.6 million while Bank of Western Australia is owed about $33m.

Creditors eventually rejected repayment proposals he made to avoid bankruptcy in which he would have paid $1.5m on a debt of $122m.

But his Auckland-based lawyer Daniel Grove told BusinessDay Henderson is due back in the country at the weekend in time for a meeting with the OA.

Grove said his client, famous for developments including Auckland's Prince's Wharf and Precinct apartment building, had been cooperating fully with the OA.