Published 17 February 2009
Hanover Finance Ltd won court approval today to bill interest on a 2-year-old judgment against property developer Andrew Krukziener at the contract rate of 18%, but still hasn’t won the bankruptcy it’s been fighting for.
Hanover won judgment in March 2006 for $4,159,386.61, but no decision was made at that time on the rate interest on that judgment was to be charged at – contract or Adjudicature Act.
In the Auckland High Court today, Justice Patricia Courtney ordered that interest be payable at the contract rate, compounded monthly, so it reached $2,822,187.08 by today, taking the total Mr Krukziener owes Hanover to $6,981,573.69.
Counsel for Hanover, Laura O’Gorman, sought a 2-week adjournment of the company’s application to bankrupt Mr Krukziener, who wasn’t represented and didn’t appear in court.
Ms O’Gorman said Mr Krukziener didn’t oppose the interest calculation and had withdrawn both his application to stay adjudication and his notice of intention to cross-examine.
Justice Courtney adjourned the case to the duty judge list on Wednesday 4 March at 11.45am.
Mr Krukziener has claimed Hanover will owe him more than he owes it once he wins an appeal (against a decision not to set aside the bankruptcy notice) & counter-claim. No indication has been given on when they might be heard.
18 December 2008: U: The names behind the action, the week to 21 December 2008, part 7, Krukziener & Hanover continue scrapping on way to February hearing
21 November 2008: U: The names behind the action, the week to 23 November 2008, part 4, 5 creditors support Krukziener against Hanover bankruptcy action
Attribution: Court hearing, story written by Bob Dey for the Bob Dey Property Report.