KEY POINTS:
A $120,000 Porsche 911 seized by bailiffs from Bridgecorp founder Rod Petricevic must stay locked away until its ownership is sorted out.
The car was taken last month on the orders of the High Court at Auckland. The seizure was part of efforts by PricewaterhouseCoopers, receivers of Bridgecorp
Management Services, to collect $661,000 - the sum of $576,100 plus interest that Mr Petricevic owes them for a personal tax bill paid on his behalf in September 2006.
Ownership of the Porsche was transferred from Mr Petricevic to the Rodney Michael Petricevic Family Trust three days after Bridgecorp collapsed last July.
The receivers allege the vehicle was fraudulently conveyed to the trust and barrister James Caird argued in court yesterday that this was a voidable transaction.
Bill Patterson appeared for the Petricevic family trust, which wants the Porsche back. He offered to give guarantees about its safety.
"It should be locked up in the garage owned by the trust," he told Justice John Priestley. However, he added that the car was still owned by Mr Petricevic. The trust's only role in the business was that it had a mortgage over the vehicle, he said.
But Mr Caird challenged this, saying no evidence had been provided that advances were made by the trust.
He cited an affidavit sworn this month by Bridgecorp receiver Colin McCloy of PwC, expressing concern about the car being returned and stating it should remain locked away.
Mr Petricevic's lawyer, Greg Jones, took the stance that the car's seizure was wrong and it should be returned to the trust, which he said owns it.
Justice Priestley refused to resolve any ownership issues, saying the matter was simply on the court list for a mention - meaning it was not set down for a full hearing.
It was still unclear whether the family trust owned the Porsche or merely had a mortgage over it, the judge said. The car's ownership status was obscure so it should be kept locked up so no one could sell it.
Justice Priestley adjourned the case to next Wednesday.
Lawyers for both sides had a testy exchange over the Porsche before the hearing even started.
"I would be locking my car up safe at night," Mr Jones told Mr Caird. "They should just give it back!"
Mr Petricevic was due in Auckland District Court this morning to face criminal charges relating to statements made in Bridgecorp's prospectus that it had never missed an interest or principal payment.
The prosecution is being carried out by the national enforcement unit of the Companies Office.
* Who owes what
Finance company Bridgecorp collapsed a year ago, owing $458 million to investors.
Company founder Rod Petricevic owes $661,000 to the Bridgecorp receivers for a personal tax bill.
The receivers have seized his $120,000 Porsche 911 to pay the bill.
Mr Petricevic says they should give it back because it belongs to a family trust.
