Hanover meeting threatened by court injunction plea

Hanover Finance chairman Greg Muir, executive director Mark Hotchin and chief executive Peter Fredricson. Photo / Brett Phibbs

Confused Hanover investors are filing a court application this afternoon to have next week's vote on the troubled finance company's future postponed.

Investors are due to decide at a meeting on Tuesday whether to accept the company's restructuring proposal, or put it into receivership.

Auckland barrister Paul Dale is filing the application for an injunction on behalf of the investors' lobby group EUFA.

The matter will be heard on Monday morning.

Dale said investors were finding the decision "too complicated, too hard", and wanted more time to consider what to do.

Around 16,500 investors are owed $527 million by Hanover.

The company is proposing paying investors back their capital over the next five years.

It has conducted 11 meetings around the country over the past two weeks to explain its plan.

Full details of the payback plan are available at:Hanover Finance

Or: Investor Q and A page