Published 21 June 2012
Leading Auckland barrister Barry Hart withdrew an injunction application to prevent the sale of his extensive property holdings at Waimauku today, then said his dispute with the bank was close to resolution.
ANZ National Bank Ltd took the 965ha to international tender through Bayleys in March, closing on 3 May. Counsel for the bank, Laura O’Gorman, told Justice Murray Gilbert in the Auckland High Court today sale & purchase agreements had been entered into, but not settled.
The injunction hearing began with Mr Hart’s counsel, John Katz QC, telling Justice Gilbert the court’s timetable order had been breached, submissions hadn’t been filed and he no longer had instructions.
Mr Hart took over, telling the judge negotiations had been under way for a few days “and we’re that close to a resolution”. He said that was part of the reason for withdrawing the injunction application: “I would hope by the close of the day that we would have reached that resolution.”
When the judge asked about costs for the court fixture, Ms O’Gorman said that would be irrelevant because of the shortfall in meeting the bank’s demand for repayment of its loans. The bank said in an injunction hearing in May it was owed $30 million, with interest accruing at more than $200,000/month, but the combined capital value of the properties was put at $26 million.
Mr Hart went to court on 18 May to stop the tender proceeding but failed to get an interim injunction then. However, his sister, Audrey Propst, did get an interim injunction on 11 May stopping mortgagee sale of her interest in 2 properties, one at Waimauku and the other at Muriwai, because the bank hadn’t supplied correct information to show what was required to remedy default.
Mr Hart’s law chambers on Jervois Rd, Ponsonby, held by a trust company, were sold in a separate Bayleys tender 3 weeks ago.
One of his companies, BJ Hart Ltd, was wound up on Wednesday 6 June on Inland Revenue’s application, with no appearance in its defence. 2 hours later barrister Davina Murray told me she was seeking the recall of the liquidation order, initially hoped it could be heard in the afternoon and later said it would be heard on Friday 8 June. Come Friday, with no hearing on the High Court list, Ms Murray said the recall application had been vacated on Thursday.
U: The names behind the action, the week to 10 June 2012, part 2, Barrister Barry Hart vacates application to recall BJ Hart liquidation order
U: The names behind the action, the week to 10 June 2012, part 1, Barrister Barry Hart’s BJ Hart wound up, but recall of order sought
1 June 2012: Hart’s Jervois Rd chambers sold
Want to comment? Go to the forum.
Attribution: Court hearing, story written by Bob Dey for the Bob Dey Property Report.