Wellin gton, Dec 8 NZPA - Hanover Group is awaiting a High Court decision tonight on an attempt by an investor group to delay a vote tomorrow on restructuring the embattled finance company.

Barrister Paul Dale argued in the High Court in Auckland on behalf of plaintiff Ann Chambers Paris that investors need more time before voting.

The pressure group Exposing Unacceptable Financial Activities (EUFA) is fronting the court action to the media and is arguing that the PricewaterhouseCoopers report on the restructuring proposal is not independent.

The injunction seeks to have the vote tomorrow on whether to endorse Hanover's restructuring proposal or put the group in receivership moved to February 16.

Ms Paris, who is from Masterton, has $100,000 invested in Hanover Finance secured debenture stock.

Hanover's trustees, Perpetual Trust and Guardian Trust, are opposing the injunction application, being heard by Justice Paul Heath.

Justice Heath has asked the trustees to come back to him with answers to questions and intends to make a decision tonight, The New Zealand Herald website reported.

EUFA has also asked the Minister of Commerce to put Hanover into statutory management.

Hanover Finance is aiming to repay nearly 16,400 secured deposit investors their principal of more than $550 million within five years, under the debt restructure proposal.

At the end of June, $485m of those investments were deposited with Hanover Finance Ltd (HFL), while about $68m were with subsidiary United Finance Ltd (UFL).

In July, Hanover announced it was suspending acceptance of new investments and the repayment of existing deposits as it worked on the restructuring plan.

An independent appraisal of the restructure plan by PricewaterhouseCoopers warned that HFL investors may not achieve full repayment under the proposal. For UFL secured stockholders, there was a "reasonable prospect" they may achieve full principal repayment.

If the debt restructuring proposal was not approved, the only alternative was receivership, PWC said.

Shareholders Mark Hotchin and Eric Watson will inject up to $96 million of cash and property assets, provided investors back the proposal.

The vote comes after Mr Hotchin was reported to have held a lavish 50th birthday party in Fiji. He said in an interview with the Weekend Herald that he "gets it" that it was a very bad look.

The Commerce Commission is investigating whether Hanover had misled investors with its advertising.

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