The liquidator of Property Ventures Ltd (PVL) has dropped former managing director David Henderson from its lawsuit against the directors and insurer of the failed investment group saying the former bankrupt has no assets to satisfy the claim.
In a note dated November 2, Judge Graham Lang said Henderson was no longer a party to the proceeding, which is set down for a substantive hearing starting in February next year.
He is the second defendant to exit the lawsuit after PVL's auditor PricewaterhouseCoopers reached a confidential settlement in August.
Judge Lang's note says Walker's QC Justin Smith had submitted a joint notice of discontinuance in which each of the remaining defendants indicated their consent to the claim against Henderson being discontinued.
The issue of costs remains outstanding and Lang gave Henderson until December 1 to file any memorandum in support of an application for costs.