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The owner and sole director of Team Kiwi Racing was yesterday adjudged bankrupt in the High Court at Hamilton, but says he is trying to stave off the decision.
David John said yesterday he had not been aware of the hearing and that his lawyer, Edwin Telle, said the ANZ National had agreed not to seal documents confirming the bankruptcy, to give them time to sort things out.
TKR competes in the Australia V8 Supercar series and is scheduled to race in April's Hamilton 400. Yesterday's court order by Associate Judge John Faire puts their place in the event in jeopardy.
If he is declared bankrupt, Mr John, who was in court for a summary judgment hearing later yesterday, could not be a director of any company for three years.
The earlier hearing beforeJudge Faire, which lasted a few minutes, was called by the ANZ National Bank.
Mr John told the Waikato Times he would have been in court if he had known the hearing was on.
Mr Telle said ANZ National had agreed to put the bankruptcy on hold for a few days.
"I am instructed that Mr John has a net worth in excess of about $2.5 million ..."
"There has clearly been a mistake in the process ... should the order be sealed we will be taking steps, subject to instructions, to have the order set aside."
TKR recently signed a deal with Paul Morris Motorsport which would have had the Australian-based company supplying a car for the team for the 2009 season.
Nigel Barclay, chief executive of Supercheap Auto Racing which owns Paul Morris Motorsport, said the team would not receive a car if they did not receive payment.
The second hearing in Hamilton yesterday, which was adjourned to give the parties a chance to settle, concerned money Mr John owes racing guru Bernie Gillon.
Mr Gillon said he tried to buy into the team with $1.4 million but was left out of pocket when the deal fell over. Mr Gillon said he was still owed about $750,000.
Mr John said he'd had "a gutsful" of court proceedings and it had always been the plan to pay Mr Gillon by next December.
Mr Gillon said he could be interested in restructuring the team. "I would only want a small shareholding in it."
David John said yesterday he had not been aware of the hearing and that his lawyer, Edwin Telle, said the ANZ National had agreed not to seal documents confirming the bankruptcy, to give them time to sort things out.
TKR competes in the Australia V8 Supercar series and is scheduled to race in April's Hamilton 400. Yesterday's court order by Associate Judge John Faire puts their place in the event in jeopardy.
If he is declared bankrupt, Mr John, who was in court for a summary judgment hearing later yesterday, could not be a director of any company for three years.
The earlier hearing beforeJudge Faire, which lasted a few minutes, was called by the ANZ National Bank.
Mr John told the Waikato Times he would have been in court if he had known the hearing was on.
Mr Telle said ANZ National had agreed to put the bankruptcy on hold for a few days.
"I am instructed that Mr John has a net worth in excess of about $2.5 million ..."
"There has clearly been a mistake in the process ... should the order be sealed we will be taking steps, subject to instructions, to have the order set aside."
TKR recently signed a deal with Paul Morris Motorsport which would have had the Australian-based company supplying a car for the team for the 2009 season.
Nigel Barclay, chief executive of Supercheap Auto Racing which owns Paul Morris Motorsport, said the team would not receive a car if they did not receive payment.
The second hearing in Hamilton yesterday, which was adjourned to give the parties a chance to settle, concerned money Mr John owes racing guru Bernie Gillon.
Mr Gillon said he tried to buy into the team with $1.4 million but was left out of pocket when the deal fell over. Mr Gillon said he was still owed about $750,000.
Mr John said he'd had "a gutsful" of court proceedings and it had always been the plan to pay Mr Gillon by next December.
Mr Gillon said he could be interested in restructuring the team. "I would only want a small shareholding in it."
