Former property developer David Blackmore has again delayed bankruptcy proceedings after a hard-fought argument in the High Court.
Mr Blackmore’s debts and liabilities which he had previously estimated to be just over $18 million are now said to be nearly $27m.
Associate Judge David Gendall was told that the difference may be accruing interest, some of it at penalty rates.
The reason for the difference is expected to be explained in evidence to go before the next court hearing at Wellington in early December.
Mr Blackmore has offered creditors a $100,000 settlement that would enable him to avoid bankruptcy.
Westpac opposes the proposal and asked for Mr Blackmore to be bankrupted yesterday.
Ullrich Aluminium, whose original debt was just $5300, has agreed to the proposal under which it and two other creditors each owed under $10,000 would be paid 25 cents in the dollar.
The major creditors though would get just a fraction of a cent for every dollar owed.
Mr Blackmore now works for property developer Mark Dunajtschik who bought the flagship Blackmore building, James Smiths Corner, in central Wellington.
Mr Dunajtschik has underwritten the $100,000 offer to Mr Blackmore’s creditors.
Mr Blackmore says he does not have assets of any substance but before the next hearing the court wants information about a trust he is a discretionary beneficiary of which is said to have assets including a collection of personal number plates.
- © Fairfax NZ News
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