PHOTO: 123RF Auckland property developer Andrew Montgomerie has been ordered to pay back his brother James Montgomerie. (file photo)
A man who borrowed $850,000 from his brother when he was in financial difficulty, then failed to pay it back by an agreed date, has been told by the Appeal Court to honour the debt.
James Montgomerie, a Florida-based businessman, in 2011 loaned the sum to his brother, Andrew Montgomerie, an Auckland property developer.
Andrew had run into financial difficulty following the 2008 global financial crisis. James provided assistance to him by purchasing his family home on Waiheke Island.
They agreed that Andrew and his family would continue living in the house and Andrew would cover mortgage interest payments, rates and other outgoings.
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