Struggling Auckland developer David Stewart Henderson just won the right to repay creditors in a partial deal which sees him avoid bankruptcy.
Attempts by other developers to strike compromise deals have failed but the ex-Victoria Parks Markets owner succeeded by just .6 per cent.
The Princes Wharf developer has claims
against him of about $105 million and is offering to repay a pitiful $1.5 million in tranches of about $500,000 gradually.
An Australian bank, Inland Revenue and Downer Construction are all chasing him for long outstanding payments.
At a vote taken this morning, creditors including ex-wife Rochelle voted in favour of the deal 75.6 per cent.
They now get less than what they are owed but the colourful Mayor of Princes Wharf avoids the Official Assignee's noose.
Some creditors were left seething this morning, saying they were excluded from voting.
Downer Construction, claiming $4 million, was barred from voting but if had been allowed, the builder would have ensured the proposal failed.
For months, Henderson has been chased by IRD and others.
Those close to the deal questioned some numbers, including one creditor's claim suddenly rising by $1 million.
"This is just bizarre," said one disappointed party involved.
IRD wants $3.7 million, and the Bank of Western Australia is owed about $22 million, in the High Court at Auckland.
High Court Associate Judge Jeremy Doogue previously adjourned IRD's application to bankrupt Henderson to April 19, to allow Henderson's creditors to vote on his new proposal.
Henderson said last week he was quietly confident he would be able to get creditors' agreement and stave off bankruptcy.
