Published 20 March 2009
Hanover Finance Ltd and property investor & developer Andrew Krukziener have reached a confidential settlement over roughly $7 million claimed each way.
Hanover had been trying to get a bankruptcy order against Mr Krukziener for 2 years. Mr Krukziener claimed Hanover would owe him more than he owes it once he won an appeal (against a decision not to set aside the bankruptcy notice) & counter-claim. But the claims involved different companies within Hanover so there was no direct set-off.
The original Hanover loan was on Mr Krukziener’s investment in the Old Customhouse building in Auckland and the principal has all been repaid.
The parties were due in court on Monday but didn’t appear, as the whole dispute was discontinued.
Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.