A High Court decision has cleared the way for a liquidator to sue the directors and auditors of the main vehicle for Christchurch bankrupt David Henderson‘s property exploits. [Read more…]
The Court of Appeal has backed a ruling allowing Christchurch property developer David Henderson to bat off a statutory demand for $80,000.
The Henderson win is another chapter in the long and bitter saga between Wellington liquidator Robert Walker, who is the liquidator of Henderson’s failed property empire, and Henderson, who is a bankrupt.
The Court of Appeal, in a judgement on June 17, upheld a decision by associate Judge Rob Osborne setting aside a statutory demand on RFD Finance Ltd (RFD), lodged by Walker as liquidator of Sol Management Ltd (Sol).
Walker served the the demand on RFD, part of another group of Henderson companies, on August 7, 2013, requiring repayment of $80,000.
The money was part of $150,000 paid to Henderson’s company, Tomanovich Holdings Ltd (THL), by the Queenstown Lakes District Council. Henderson directed about $135,000 of the money to Sol’s Westpac account. About $26,000 was applied to Sol’s overdraft and, on the same day, he ordered the transfer of $80,000 to the trust account of Cousins & Associates, for the credit of RFD.
The $80,000 was then transferred between other Henderson companies. No records were kept of the terms on which THL diverted part of its $150,000 payment to Sol and of the nature of the transaction between Sol and RFD apart from a trust account note.
In the High Court, Judge Osborne said the documentation [provided by Henderson] was completely inadequate. [Read more…]
The High Court has dismissed a bid by one of David Henderson’s companies now directed by his wife to stop liquidation proceedings.
Wellington accountant Robert Walker, the liquidator of several companies in the Henderson group, has started court action to liquidate Castlereagh Properties Ltd, of which Henderson was a shareholder until June 27, 2010.
The shares are now held by FTG Trustee Services Ltd, a company directed by Henderson’s wife Kristina Louise Buxton, but with the shareholding in Henderson’s name.
Henderson was bankrupted on November 29, 2010 and remains a bankrupt. Walker has also issued bankruptcy proceedings against Buxton.
She is the sole director of Castlereagh, which applied to the High Court at Christchurch last month to have the liquidation action stayed. Associate Judge Rob Osborne rejected the bid in a judgement this month. [Read more…]
The Inland Revenue Department took about four hours to present its case against 58-year-old [Christchurch property developer] David Ian Henderson on seven charges alleging that he misapplied deductions taken from employees for payment of their PAYE income tax, and used it to pay other creditors of his company Dweller Ltd.
The charges allege that Henderson aided and abetted Dweller Ltd knowingly to apply PAYE deductions from the 13 employees “for purposes other than payment to the Commissioner of Inland Revenue by the due date”.
The IRD accuses Henderson of using employees’ PAYE tax deductions to settle accounts with other creditors in 2010. He denies all charges.
A schedule of deductions is filed to Inland Revenue at the end of each month, and payment is then required by the 20th of the following month. The charges relate to each month from May to November, 2010.
The total amount of money referred to in the charges is $162,946.
Henderson was the director in charge of running the Property Ventures Ltd property business which was placed into receivership in March 2010. He then agreed to take the 13 employees into a new entity, Dweller Ltd. He was the managing director of Dweller.
Former ACT MP Rodney Hide, of Auckland, was sitting in the public gallery most of the trial.
For full story dated 10/11/14 by David Clarkson see:
http://www.stuff.co.nz/business/industries/63059650/Inland-Revenue-takes-David-Henderson-to-court [Read more…]