Henderson survives bankruptcy hearing

Christchurch developer David Henderson has avoided bankruptcy on the day before he is expected to appear in court on breaches of the Financial Reporting Act.

His lawyer, Austin Forbes, QC, told Associate Judge Rob Osborne in the High Court in Christchurch yesterday that sufficient money was now available to pay the debt of $156,752 to Perpetual Trust, plus costs.

Perpetual had applied to the court to bankrupt Henderson and was joined by supporting creditor FM Custodians, which is owed $11 million.

Forbes said sufficient money to pay the Perpetual debt would soon be transferred to the trust account of Clive Cousins, Henderson's solicitor. Some documentation was still required, but it was not anticipated that would be a problem.

Henderson is scheduled to appear in the Christchurch District Court today to face three charges of failing to meet reporting deadlines under the Financial Reporting Act for Property Ventures, his main property development vehicle. The charges relate to the year to March 31, 2008.

The judge adjourned Perpetual Trustees' petition to bankrupt Henderson to October 19 to allow time for the payment to be made.

Jeremy Johnson, who appeared for supporting creditor FM Custodians, told the court his client was also in talks with Henderson and agreed with the adjournment.

Apart from the bankruptcy petition, Henderson was again a feature of yesterday's bankruptcy and liquidation court with six other matters.

Two of his companies, Minx and Gibbston Downs Wines, applied to set aside statutory demands by two creditors.

Inland Revenue moved against RFD Investments and Atlas Food and Beverage, and Henderson opposed a summary judgment application (a request for a court order saying a debt is not contestable) from Strategic Finance.

Each of these matters was either adjourned to another date or set down for a hearing.

An application to wind up the Montecristo Construction Company by the Builders Hardware Company was withdrawn because Montecristo is already in liquidation.

Henderson told The Press yesterday: "These are simple commercial issues that flow from what are very tough times and mostly get worked out in a commercial way.

"There is no real story here – not today anyway."

- © Fairfax NZ News