Published 18 April 2011
Property developer Nigel McKenna cancelled his creditors’ meeting to have been held last Friday, leaving the way open for his bankruptcy in the Auckland High Court tomorrow.
Mr McKenna was slow to come up with a compromise for creditors, filing a proposal only at the last minute before The Fletcher Construction Co Ltd’s application to bankrupt him was due to be heard on 21 March.
The creditors’ meeting was originally scheduled for Friday 8 April, then deferred a week to allow creditors more time to consider it.
The proposal was for Mr McKenna to pay $1.25 million over 3 years to creditors owed $150 million. However, there was confusion over how much was owed to Allied Farmers Ltd, which took over Hanover Finance Ltd’s loan book in December 2009.
11 April 2011: McKenna creditors’ meeting postponed
22 March 2011: McKenna gets chance to put insolvency scheme to creditors
21 March 2011: McKenna files last-minute insolvency proposal
21 March 2011: Quick decision on McKenna’s fate expected in morning
U: The names behind the action, the week to 13 March 2011, part 2, IRD seeks liquidation for 7 McKenna companies
17 December 2010: Hilton to run 2 Kawarau Falls hotels
29 October 2010: Westin down to 36 rooms
5 October 2010: McKenna’s last-minute bankruptcy stall fails
1 October 2010: 19 more units pulled out of Westin Hotel
1 September 2010: Melview loses Flat Bush town centre job
30 October 2009: Kawarau Falls stage 1 receivers & McKenna go to court
7 December 2008: Eau dear, there’s a spat over the bill for the Holiday Inn
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Attribution: Creditor, story written by Bob Dey for the Bob Dey Property Report.