Former Empire Cinema owner bankrupted

Last updated 14:52 02/09/2014

Relevant offers

Wellington

Editorial: Wellington needs to reflect on its support for the arts Detroit v Wellington: who'll get Shakespeare's container Globe first? Take a day trip this summer to Castlepoint, Wairarapa's coastal gem Staff stump up for former Wellington mayor Celia Wade Brown's tattoo Eagle-eyed neighbour leads police to autistic boy's stolen rabbit Capital rents jump 10 per cent, and are set to go higher From the summer of 1979 to 2017: a look back at Wellington's Summer City events Porirua hopefuls head to waka Ama sprint nationals at Lake Karapiro Wellington makes National Geographic picks for best global eats Te Papa's Inspiration Station packs away Kiwis' collectables

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