Developer's last-ditch bankruptcy plan

Last updated 14:07 05/11/2012
david blackmore
COURT HEARING: Property developer David Blackmore.

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Westpac bank is opposing a plan that would see former Wellington property developer David Blackmore avoid bankruptcy by paying about half a cent in the dollar of the many millions he owes.

Westpac's position came as a surprise to lawyers for Blackmore and Ullrich Aluminium, which had brought the bankruptcy petition.

In the High Court at Wellington this morning they asked for time to consider the opposition. Associate Judge David Gendall adjourned the case for a hearing this week.

Judge Gendall said Blackmore appeared to be hopelessly insolvent and he did not want to delay the matter in case the position of creditors was worsening.

He was told a creditors meeting had approved a settlement proposal.

Lawyers confirmed the judge's understanding that Blackmore asked to be able to pay $100,000 towards his debts of more than $15 million, under some form of employment arrangement.

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- © Fairfax NZ News

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