Dunedin businessman Paul Nicholson - whose failed boutique finance company Hurricane House is in liquidation owing creditors $4.5 million - has had a summary court judgement made against him for an $87,000 debt to a finance company.
It was confirmed earlier this week that several months of negotiations had been concluded with Mr Nicholson to sign over three investment properties to liquidators; a residential home in Dunedin, a Twizel holiday home property and a package of shares in company which owns a bare section on the West Coast of the South Island.
This week it was advertised in the Mercantile Gazette that Allied Nationwide Finance, a subsidiary of Allied Farmers, had successfully petitioned a district court to issue a summary judgement against Mr Nicholson for $87,000, but there was no further information on details of the debt.
Since Mr Nicholson placed Hurricane in voluntary liquidation in mid-February last year, creditors have received $120,000 of $4.2 million, with a further $500,000 due to be paid in three tranches by early next year.
Liquidators are hoping to realise a total 20c in the dollar payout, equating to a total $840,000 recovered.
At the heart of the Hurricane collapse was an unsecured $4.5 million loan by Hurricane to a Christchurch finance company, which later collapsed and was unable to repay the loan.
