Property ventures LTD
Directors Name Date Appointed: DE ROOS, Adolph 03-NOV-1997 193 Cashel Street, Christchurch 8011 HENDERSON, David Ian 06-NOV-2002 Unit 58, The Heritage, 98 Worcester Street, Christchurch
Christchurch property developer David Henderson has again delayed a tax battle with the Inland Revenue Department, arguing moves to liquidate his flagship company should not be publicly advertised.
In the High Court in Christchurch yesterday, IRD asked Associate Judge Rob Osborne to move urgently on its application to liquidate Property Ventures Ltd and opposed Henderson's attempt to block public advertisement of the application.
"There are very strong reasons why advertisement should not be restrained," IRD lawyer Pauline Courtney said.
It is not the first time Henderson has tried to block IRD advertising its attempts to wind up his companies and echoes a similar, but unsuccessful, effort late last year relating to Property Ventures Investments Ltd.
At the time, Henderson argued the advertisement would have a negative impact on his other business and he needed more time to reach a compromise with creditors.
That application was eventually rejected and legal action against Property Ventures Investments continues.
But yesterday, Judge Osborne said that though the latest liquidation application should proceed urgently, it would still have to wait until Henderson's lawyer had had a chance to argue against the advertisement.
"[Although] this application to restrain should have been filed in advance of the present hearing."
He adjourned the application to May 3 but said it should be brought forward to April once Henderson's lawyer had filed an application to block the advertisement.
The advertisement of a liquidation application is required to be filed five days before any court hearing.
It is used to inform the public and other creditors and must contains details of where the hearing is to be held and how other creditors can participate.
It is unclear what reasons will be put forward for blocking the latest advertisement but Henderson's lawyer said yesterday the application would be lodged tonight.
Property Ventures has already been placed into receivership on March 5 by Allied Farmers, who said the move was an attempt to recover $41.5 million plus interest lent to Henderson's failed Five Mile development in Queenstown. It is unknown how much IRD claims it is owed.
As well as delaying action against Property Ventures, Henderson had other victories yesterday, with IRD withdrawing liquidation applications against 10 of his companies.
Companies off the hook included Tannadyce Investments, which IRD had previously claimed had tax arrears of $356,686.
Tannadyce has been at the centre of Henderson's long-running tax battle, culminating in a complaint by Henderson to the Ombudsman in 1999, after the IRD was said to have lost its tax records on the company.
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Yesterday, IRD lawyer Courtney would not comment on why the application against Tannadyce and nine other companies were withdrawn.
IRD applications to liquidate three other Henderson companies - Property Ventures Investments Ltd, FM 3 Ltd and FM 1 Ltd - were also pushed back yesterday, to await a related judicial review in the Court of Appeal.
Henderson has previously said there was no value left in Property Ventures and the receivership prompted by Allied Farmers was a "quite pointless exercise".
Dolf De Roos Website:
Directors Name Date Appointed: DE ROOS, Adolph 03-NOV-1997 193 Cashel Street, Christchurch 8011 HENDERSON, David Ian 06-NOV-2002 Unit 58, The Heritage, 98 Worcester Street, Christchurch
Christchurch property developer David Henderson has again delayed a tax battle with the Inland Revenue Department, arguing moves to liquidate his flagship company should not be publicly advertised.
In the High Court in Christchurch yesterday, IRD asked Associate Judge Rob Osborne to move urgently on its application to liquidate Property Ventures Ltd and opposed Henderson's attempt to block public advertisement of the application.
"There are very strong reasons why advertisement should not be restrained," IRD lawyer Pauline Courtney said.
It is not the first time Henderson has tried to block IRD advertising its attempts to wind up his companies and echoes a similar, but unsuccessful, effort late last year relating to Property Ventures Investments Ltd.
At the time, Henderson argued the advertisement would have a negative impact on his other business and he needed more time to reach a compromise with creditors.
That application was eventually rejected and legal action against Property Ventures Investments continues.
But yesterday, Judge Osborne said that though the latest liquidation application should proceed urgently, it would still have to wait until Henderson's lawyer had had a chance to argue against the advertisement.
"[Although] this application to restrain should have been filed in advance of the present hearing."
He adjourned the application to May 3 but said it should be brought forward to April once Henderson's lawyer had filed an application to block the advertisement.
The advertisement of a liquidation application is required to be filed five days before any court hearing.
It is used to inform the public and other creditors and must contains details of where the hearing is to be held and how other creditors can participate.
It is unclear what reasons will be put forward for blocking the latest advertisement but Henderson's lawyer said yesterday the application would be lodged tonight.
Property Ventures has already been placed into receivership on March 5 by Allied Farmers, who said the move was an attempt to recover $41.5 million plus interest lent to Henderson's failed Five Mile development in Queenstown. It is unknown how much IRD claims it is owed.
As well as delaying action against Property Ventures, Henderson had other victories yesterday, with IRD withdrawing liquidation applications against 10 of his companies.
Companies off the hook included Tannadyce Investments, which IRD had previously claimed had tax arrears of $356,686.
Tannadyce has been at the centre of Henderson's long-running tax battle, culminating in a complaint by Henderson to the Ombudsman in 1999, after the IRD was said to have lost its tax records on the company.
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Yesterday, IRD lawyer Courtney would not comment on why the application against Tannadyce and nine other companies were withdrawn.
IRD applications to liquidate three other Henderson companies - Property Ventures Investments Ltd, FM 3 Ltd and FM 1 Ltd - were also pushed back yesterday, to await a related judicial review in the Court of Appeal.
Henderson has previously said there was no value left in Property Ventures and the receivership prompted by Allied Farmers was a "quite pointless exercise".
Dolf De Roos Website:
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