Steve Foley and Diane Foley are bankrupt following the failure of their construction company Point to Point Holdings Ltd. Mr Foley has been bankrupted previously. He was banned in 2006 from acting as a company director for two years.
The High Court was told the Foleys currently live at a Regency Park address in Gulf Harbour at Whangaparoa, Auckland. This property forms part of a deceased estate: that of Mrs Foley’s mother. Mrs Foley claims when her mother’s property is sold there will be sufficient to clear all their debts. She says she is likely to get an estate payout of about half million dollars. They asked the High Court to refuse creditor applications to bankrupt them.
Associate judge Bell said Mrs Foley has judgment debts against her totalling $138,300. Regency Park is for sale. There is no certainty as to sale date, or price. Some finality is required, Judge Bell ruled. Mrs Foley has been reticent about both her assets and the full extent of her liabilities, he said. A full enquiry into her financial circumstances by Insolvency Service was warranted.
Mr Foley is clearly insolvent, Judge Bell ruled. He has not disclosed any assets. Inland Revenue told the court Mr Foley has considerable tax arrears: arrears of income tax stretch back to 2007 (totalling $221,000 with interest and penalties); non-payment of child support go back to 2001 ($283,000 including interest and penalties).
re Foley – High Court (30.05.18)
18.119