Phillips Brothers and NZI settle
PA Auckland A settlement agreement between the contesting parties NZI Bank, Marac Financial Services, and Phillips Brothers Investments, and David William Phillips has been struck and a series of proceedings in the High Court at Auckland have been withdrawn. The hearing, before Mr Justice Sinclair, was due to consider an NZI application to rescind an injunction granted ex parte on June 28 to Phillips Brothers Investments and Mr David Phillips, who is chairman of Pacer Kerridge. Involved with this was a summary judgment application for $lBO,OOO by Marac against Mr David Phillips. Phillips Brothers Investments and Mr David Phillips had also made counter-claims. Mr Nathan Gedye, the lawyer for NZI and Marac, asked on Monday that the injunction proceeding be struck out and the two summary judgment applications withdrawn.
The judge adjourned the proceedings sine die and made no order for costs. He also struck out the counter-claims by Phillips Brothers Investments and Mr David Phillips.. After the hearing the lawyer for the Phillips, Mr Grant Macdonald, produced a prepared statement about an amicable agreement between the parties. Mr Macdonald said: “Mr David William Phillips and Phillips Brothers Investments, Ltd, are constrained by the confidentiality provision contained in the settlement reached with NZI and Marac from divulging the terms of the settlement. “But they can advise that no part of the amount claimed by NZI and Marac constituted a credit card debt; that the Phillips Brothers Investments shareholding in Pacer Kerridge is not available for sale; and that NZI, Mr Phillips, Phillips Brothers Investment, Ltd, and Marac reached an amicable settlement.”
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Press, 19 July 1989, Page 39
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266Phillips Brothers and NZI settle Press, 19 July 1989, Page 39
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