Hanover Finance asks for extra $2.8m from Krukziener

Hanover Finance asks for extra $2.8m from Krukziener

Troubled property developer Andrew Krukziener, who owes a debt to Hanover Finance even had another $2.82 million added to the debt in Auckland's High Court this morning.

It has been learnt that Hanover which obtained a summary judgment in its favour in 2007, over a debt of $4.159 million relating to a failed joint venture property development is now trying to bankrupt the disturbed developer.

The two parties have been fighting in court for quite a long time now. It was stated by Justice Patricia Courtney today that until the debt is settled, Mr Krukziener is accountable to pay interest at the default rate agreed in the original contract, of
18% compounding monthly.

It points towards this then that now his debt has come at $6.98 million. In the court hearing, Mr Krukziener, who is most well-known for building Auckland's Metropolis apartment tower, did not make an appearance.

In such a condition, the matter of Hanover's application to bankrupt him was adjourned until 5th March.