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Home arrow Articles by Topic arrow LandCo arrow Greg Olliver battles St Laurence to avoid bankruptcy
Greg Olliver battles St Laurence to avoid bankruptcy PDF Print
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Articles - LandCo
Written by Sarah McDonald, National Business Review   
Thursday, 07 May 2009

The proceedings also canvassed the events of July last year, when Mr Olliver gave up his half-share in property development company Landco, to the Todd family.

At that stage, two of his trusts were in default to their lenders.

“The Todds were effectively holding a gun to your head, were they not, to take the Landco assets from you?” Mr Dewar asked.

“That would be correct,” Mr Olliver replied.

Property developer Greg Olliver and lawyers for financier St Laurence are battling it out in Auckland’s High Court as Mr Olliver seeks to avoid bankruptcy.

Mr Olliver, who owes $90 million, has won approval from a majority of his creditors for a proposal offered as an alternative to Mr Olliver being bankrupted.

Now it's in the hands of Associate Judge John Faire, who has the power to veto the scheme.

St Laurence, owed $6.5 million, is opposing the arrangement and is crying foul over a deal in which the $7 million Olliver family mansion, against which it held security, ended up being on-sold to entities associated with Mr Olliver’s wife Sarah.

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Last Updated ( Thursday, 07 May 2009 )
 
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