14 Feb 2011

Hearing on assets of former Hanover director

4:29 pm on 14 February 2011

A hearing is underway at the Auckland High Court to decide whether the assets of former Hanover director Mark Hotchin should remain frozen.

A temporary order by the court in December, froze Mr Hotchin's assets at the request of the Securities Commission.

In December, an application by Mr Hotchin to have two cars worth more than $250,000 sent to Australia, was declined.

His request to use frozen funds in New Zealand to pay debts was also declined, with the judge saying $A240,000 in an Australian bank account was more than enough to pay for bills and living expenses.

Justice Winkelmann has ordered that the arguments at Monday's hearing cannot be reported, but the judgment, when made, can be made public.