Owner of failed builder Podular has 'reasonable defence' against failing to repay loans

One of Podular Homes' concepts. (Image: Podular Homes)

Wed, 18 Oct 2023

A creditor to failed builder Podular Housing Systems will have to pursue a full court hearing in its attempt to recover the $1.20 million it says it lent in the company’s last months. Wallace Corporation Limited (WCL) failed in its bid for summary judgment from the high court in Auckland against Podular’s majority shareholder Ilan Gross to repay the money under a personal guarantee he had made.Lawyers for Gross argued that WCL’s own actions in allegedly botching a sale of the company had contributed to the debt not b...

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