Embattled merchant banker Sam Kelt's company Kelt Capital has been given 24 hours to come up with a payment plan to Inland Revenue for $335,000 in unpaid tax and penalties.
Inland Revenue last month filed an application with the High Court in Napier, claiming Kelt Capital has an outstanding debt of $240,960.53 in GST and penalties, $13,016 in fringe benefit tax and penalties and $300 in income tax dating back to 2008.
New information provided to IRD in the past month had seen the amount increase to $335,160.
Kelt Capital's lawyer Nick Russell asked for a short adjournment because the parties were still discussing a possible settlement package and "negotiations are still very much alive".
IRD opposed the application for an adjournment but associate judge David Gendall noted there had been "a flurry of activity" between parties with offers and counter-offers. He accepted that IRD "may have a rather different view of matters" but he adjourned the matter for 24 hours to allow the company to put arrangements in place to satisfy IRD.
"I am prepared to give the defendant one last chance to resolve this issue," Judge Gendall said.
The company has until 1pm tomorrow to come up with a suitable plan, he said.
If a plan is not forthcoming the company will be put into liquidation.
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