Former Empire Cinema owner bankrupted

Last updated 14:52 02/09/2014

Relevant offers

Wellington

Johnsonville stabbing death: Neighbour tells of yelp from house Editorial: Greek bind shows the worst of Europe Wellington trust plans to build a permanent ice skating rink Handless corpse on beach reveals city's grisly underbelly - 150 years of news Police hunt for dangerous man in Hutt Valley Therese Walsh's rollercoaster ride From Wellington Hospital to the zoo Man behind Hurricanes' Captain Hurricane bows out after 21 years as a mascot 2 Cheap Cars shaking up motor industry with cheap parallel imports from Japan Editorial: More to do on tackling rugby ticket scalpers

Wellington lawyer and former cinema owner Ian Hay has been bankrupted after the collapse of the companies that ran Island Bay's Empire Cinema.

Hay was not at the High Court at Wellington today and did not file any written opposition to the BNZ's application to have him declared bankrupt over a $1,064,000 debt.

The cinema closed for financial reasons last October and was sold early this year for $580,000, according to a court decision, well below the $1.25m Quotable Value figure.

Hay personally and he and his wife as trustees of a family trust, had guaranteed repayment of $1.59m owed to the BNZ.

The bank sued them for the shortfall of just over $1m after the cinema sold, based on the guarantees they had given to repay debt.

Ad Feedback

- The Dominion Post

Comments

Special offers
Opinion poll

What should happen with the Zephyrometer?

Build a new one just like the old one

Replace it with something completely new

Leave it as it is!

Clear the space - not a good place for a sculpture

Vote Result

Related story: Wind wand's future up in the air

Featured Promotions

Sponsored Content