Kelt given more time to settle debt

Last updated 14:58 14/12/2012
kelt std
SAM KELT: Has until March to pay back the $336,000 Inland Revenue says he owes.

Relevant offers

Hawke's Bay

Father of motorcyclist killed by foreign driver hails 'fantastic' protest Hastings girl people's choice designer in international competition Liquidators file legal action against Herbert Construction director over unpaid debts Escaped prisoner Dion King says he ate a lightbulb to get away from guard Wheelchair's worn cable may have caused death of Samuel Gibson - coroner Lotto player from Gisborne wins $1 million Havelock North gastro crisis: government assistance announced Police appeal for man who tried to pick up school girl to come forward Tukituki River 'very unlikely' source of Havelock North water contamination Anaesthetist slams Greenpeace for 'spam attack' aimed at his councillor wife

Embattled merchant banker Sam Kelt has been given more time to settle his debt with Inland Revenue.

Mr Kelt's company faced being put into liquidation today unless he came up with a suitable payment plan for the $335,000 in unpaid tax and penalties he owed.

Inland Revenue last month filed an application with the High Court in Napier, claiming Kelt Capital had 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.

Yesterday 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''.

Despite objections from IRD, associate judge David Gendall adjourned the matter giving Mr Kelt a 24-hour deadline to come to an agreement with the department.

On instructions from the IRD, Josh Lucas said the department had today reached an agreement with Mr Kelt, who made a "lump sum payment" towards his debt.

The IRD agreed to give Mr Kelt till the end of March to repay the full amount.

Judge Gendall adjourned the matter till May 2013.

Contact Tracey Chatterton
Hawke's Bay reporter
Email: tracey.chatterton@dompost.co.nz
Twitter: @trackchatt

Ad Feedback

- The Dominion Post

Special offers
Opinion poll

How many coffees do you have a day?

5 or even more

3-4

2

1

Anything from 1-5.

Don't touch the stuff.

Vote Result

Related story: Coffee as we know it at risk of dying

Featured Promotions

Sponsored Content