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Home / Business / Economy / Official Cash Rate

Dancing star gets a 10 for trying

By David Eames
1 Jun, 2007 05:00 PM3 mins to read

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Suzanne Paul on her way to the 'Dancing with the Stars' title.

Suzanne Paul on her way to the 'Dancing with the Stars' title.

KEY POINTS:

Former bankrupt Suzanne Paul - fresh from an against-the-odds win in this week's Dancing With the Stars final - appears to have pulled off another coup by winning the respect of her official assignee.

David Hart, regional manager of the Justice Ministry's insolvency and trustee service, this week
paid tribute to Paul's bid to get out of debt and her intention to repay more than is required of her.

Paul, with a sore rib and a sick mother, whipped the dance title from Megan Alatini, who is understood to have consistently rated low in the public votes.

The expat Brit owes 110 creditors more than $1 million from the 2004 failure of her Rawaka Maori cabaret venture in Northcote.

Mr Hart yesterday told the Weekend Herald that Paul was on track to have repaid 40c in the dollar to the 11 creditors to her personal bankruptcy - which totals about $900,000 - by the end of this month.

Paul voluntarily negotiated with each of the 11 to pay 25c in the dollar initially, in return for being discharged early from bankruptcy.

She made a further promise to repay a further 15c in the dollar by the end of June.

Paul this week told TVNZ's Close Up she had repaid $240,000 last year, a figure confirmed by Mr Hart.

He said the coming payment was about $134,000, and compared with a lot of bankrupts Paul appeared to be doing the right thing.

"She's one of the few bankrupts trying to repay every single cent."

He said Paul's creditors appeared to have been confused about her repayment obligations. The company involved in her Rawaka failure was in liquidation, with several creditors, but that was separate from Paul's personal bankruptcy.

As a personal bankrupt Paul need not repay a cent if the assignee could find no assets or income.

But Mr Hart said she had undertaken to repay creditors to her personal bankruptcy, then concentrate on paying back the Rawaka company's creditors - and so far she seemed to be on track.

He said her actions were "a very noble thing. Very unusual".

"She could be one of the few people who have gone to those lengths. For what it's worth, I quite admire her."

Paul was yesterday content to hide her debt-repayment light under a bushel, refusing to discuss the bankruptcy matters with the Herald.

She said she was "physically and mentally exhausted" after the past week, and believed the public misunderstood her position.

"I don't think it matters what I say. I refuse to keep talking about this month after month ... and no one believes me.

"If I had the money now, they could have it."

Rawaka liquidator Jeff Meltzer is hoping Paul becomes really famous after her Dancing With the Stars win, as it might result in her Rawaka creditors getting some money.

He had been contacted by a couple of creditors, but had no good news for them.

He said that until Paul made a proposal" for repayment, those owed money were likely to go without.

"All I am looking for is a time ... It would be nice to know when some money is going to start to flow so I could contact some creditors."

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