High Court puts off Petricevic hearing until next year

Rod Petricevic says he owes his family trust $5 million while Bridgecorp receivers are chasing him for $2.7 million. File photo / Kenny Rodger

The Official Assignee's attempts in the High Court to unravel some of former Bridgecorp boss Rod Petricevic's affairs have been put off until next year.

The former finance company chief executive was bankrupted last year owing $4.7 million.

Petricevic's personal financial matters are now under the control of the office of the Official Assignee, part of the government's Insolvency and Trustee Service.

It is investigating his finances with a view to recovering funds for creditors and is interested in transfers of wealth made to the Petricevic family trust.

The Official Assignee has the power to review gifts made to a trust spanning two years before a bankruptcy.

Yesterday in the High Court at Auckland Associate Judge Hannah Sargisson adjourned two matters until February 11.

Finance company Bridgecorp collapsed in July 2007 owing 14,000 debenture holders $459 million.

Petricevic's Porsche 911 became a signature item in the process of tracking his wealth.

He gave the vehicle to his trust three days after Bridgecorp collapsed.

It was seized by the court and finally sold this year for $150,000.

Bridgecorp's receivers are pursuing him for $2.7 million in what they say are excessive earnings paid between July 2004 and Bridgecorp's failure. At the time of the bankruptcy Bridgecorp receiver Colin McCloy said he had no idea where Petricevic's substantial earnings over the past few years had gone.

Petricevic was paid $4 million between July 2004 and June 2007, and had taken $1.6 million in advances from his family trust since March 2000.

He told the court that he owed the trust $5 million, and was insolvent.

He said his family home on Remuera Rd was owned by the trust, and all its contents belonged to his wife.