Ridge to fight Parore on costs

Last updated 17:17 02/07/2014

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Auckland socialite Sally Ridge will fight bankruptcy moves from ex-partner Adam Parore's business.

Ridge was ordered to pay Parore $100,000 in legal costs after she failed to persuade the court last year that she deserved half of Parore's company Small Business Accounting (SBA).

The High Court said Ridge's case was "hopeless", "lacked merit" and was "always doomed to fail".

Parore has told media that SBA would enforce the court's costs ruling through bankruptcy proceedings.

Ridge's lawyer Daniel Grove today confirmed they would resist any such moves. 

He declined to comment further.

During the action last year, the court heard that Ridge and Parore met in 2001 and originally kept their assets separate in trusts.

After their engagement in 2003, there were a series of agreements combining their financial interests.

Four years later, they began a multimillion-dollar construction project in Ponsonby, to create a lavish family home.

But the work went over budget, meaning more financial manoeuvring between the trusts.

Family assets were transferred to the Ridge Trust, while business assets fell under the Parore Trust.

Throughout the High Court hearing, Ridge claimed she did not understand how the arrangement worked.

"You could explain them to me and I used to say this to Adam a million times, 'My brain doesn't compute trusts.' I don't get them, don't understand them, never have and I most probably never will," Ridge said.

"Call me thick, I don't mind, but I do not understand the ins and outs of a trust full stop, I just don't."

However, Justice Gilbert described her as an "intelligent and capable woman", who understood how the pair's finances would be divided.

It was clear SBA was owned by Parore and therefore Ridge was not entitled to it, the judge ruled.


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