Caveat keeps Petricevic home safe until trial

Rod Petricevic. Photo / Sarah Ivey

Liquidators of a Bridgecorp subsidiary company have successfully fought to keep a ban that prevents the Remuera home of former director Rod Petricevic from being sold.

Petricevic's multimillion-dollar home cannot be sold until the caveat is removed.

Petricevic has been bankrupted and the home is an asset of his family trust.

Yesterday, High Court Associate Judge John Faire ruled that the caveat would stay in place until after a trial in February.

Navigator Finance, in liquidation, was a subsidiary of Bridgecorp and is alleged to be owed $2.2 million from Petricevic's family trust RM Petricevic Family Trust.

Petricevic and his wife Mary were the directors of Navigator until it was placed into liquidation in June.

Navigator liquidators Corporate Finance are fighting for the money.

Judge Faire said this caveat had the "effect of tying up a substantial asset of the trust".

"In my view the existence of the caveat in this case, plus the early trial date, are special reasons why I should defer making a ruling on responsibility for payment of the costs until such time as the substantive proceedings, which will be determined at a trial to commence on February 28, 2011, is known."