A Queenstown property debt may topple three cards in the troubled deck of developer Dave Henderson on Monday.
Three Henderson companies face liquidation applications in the Christchurch High Court over an alleged $1.8 million debt.
A nominee company of Christchurch law firm Cordner Hill wants the court to liquidate Anthem Vineyards Ltd, Naval Ltd – and Henderson’s master company, Property Ventures Ltd.
Cordner Hill’s Peter Cordner says the actions stem from a $1.6m loan to Anthem Vineyards about five years ago by some 20 private clients of the law firm.
Unpaid interest totals another $200,000 or so, he reckons.
Anthem Vineyards and other Henderson-linked companies were involved in an ambitious residential resort development in Gibbston Valley – a land-owning company, Anthem Holdings, is already in receivership.
Anthem Vineyards met its debt obligations until about October last year when payments dried up, Cordner says.
Property Ventures and Naval are included in Monday’s court trifecta because these two companies guaranteed Anthem Vineyard’s loan, he maintains.
Cordner invites other creditors of the three Henderson companies to join his liquidation bid.
Henderson is best-known in Queenstown for his failed Five Mile development on Frankton Flats.
However, the Christchurch property magnate is known to be a real battler when up against the odds and it would be no surprise to many in the South Island business community if he successfully defends – or at least defers – Monday’s court battle.
Henderson didn’t respond to Mountain Scene inquiries by page deadline.