Former Empire Cinema owner bankrupted

Last updated 14:52 02/09/2014

Relevant offers

Wellington

Victoria University students call for teaching quality to increase with fees Bishop and Mallard go head-to-head for blood pressure awareness Man injured after truck hits Karori Tunnel in Wellington Wellington rugby player Losi Filipo unpunished for brutal street assault Rats and stoats on way out as predator-free Wellington project kicks off in Miramar Fee increase on the way for Victoria University Wellington woman loses $75,000 to a witchdoctor A Leopard seal has been spotted on Wellington's Titahi Bay People interfere with fire trucks during blaze in Wellington Wellington shoots to become first predator free capital

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