Former Empire Cinema owner bankrupted
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.
The Dominion Post