Published 27 May 2009
The 3 directors of the collapsed National Finance 2000 Ltd have managed to get their depositions hearings on prospectus & financial reporting charges adjourned to mid- 2010.
The depositions hearing on the financial reporting charges have been set down for 3 weeks starting 10 June 2010.
In the Auckland District Court yesterday, prosecutor Brian Dickey argued against the proposed delay of depositions on the prospectus charges, saying the delay was too long and questioning the need for a 4-week hearing.
2 of the directors, Allan Ludlow & Carol Braithwaite, instructed lawyers just before the depositions hearing on the prospectus charges was to have started in March, resulting in an adjournment. The third director, Auckland lawyer Tony Banbrook, continues to represent himself.
Jeremy Bioletti, counsel for Mr Ludlow, said the prosecution evidence could take up to a week and Mr Banbrook intended to call 20 witnesses.
Although Mr Dickey said the whole hearing could be over in a week – therefore making it possible to book earlier court time – Judge Mark Perkins told him: “If they want to king-hit your case, they’re entitled to do it. If you go to the registrar and get an earlier hearing I will set an earlier date.”
But after the judge stood the matter down, Mr Dickey was unable to get a firm date acceptable to all parties. There was a possibility of a March hearing, but the hearing of the indictable prospectus charges needed to follow the summary financial reporting charges. The result was a 4-week depositions hearing of the indictable charges starting 12 July 2010.
Colin McCloy & John Waller (PWC) were appointed receivers of National Finance 2000 & 5 other companies in Mr Ludlow’s Payless Cars group in May 2006. The receivers sold the loan book to Cynotech Holdings Ltd (chairman Allan Hawkins) in October 2006.
All 3 National Finance directors were banned last October from acting as company directors. Mr Ludlow & Ms Braithwaite were both prohibited for 4½ years and Mr Banbrook for 4 years, all from 14 October.
3 November 2008: National Finance directors’ depositions hearing set for March
25 November 2008: National Finance directors banned as they await Securities Act trial
24 October 2008: National Finance directors remanded on prospectus charges
5 October 2008: National Finance 2000 directors face criminal charges
12 March 2007: National Finance receivers take principal repayments to 40c
8 October 2006: Allan Hawkins buys National Finance (Payless Cars) loan book
U column part 2, 28 May 2006: Handful of National Finance investors get money back now
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Attribution: Court hearing, story written by Bob Dey for the Bob Dey Property Report.