Elgin put into liquidation

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Hanover Finance's $5.1 million investment in a Christchurch shopping centre has helped to push David Henderson's company Elgin Investments into liquidation.

Yesterday, at the High Court at Auckland, Associate Judge Roger Bell placed Elgin Investments into the Official Assignee's hands, on an application by Allied Farmers.

Allied's lawyer Nathan Gedye said his client had absorbed Hanover's investment in the Sydenham Central Mall when it took over the finance company's loan book at the end of last year.

Elgin also owes Axa New Zealand more than $13 million and Inland Revenue just under $100,000.