IN LIQUIDATION.

Auckland Star, Volume LXVI, Issue 75, 29 March 1935, Page 7

IN LIQUIDATION.

COMPANY'S AFFAIRS. PETITION BEFORE COURT. OFFICIAL INQUIRY SOUGHT. A brief mention of the affairs of International Concessions Limited, whieli was incorporated under the Companies Act in 1932", and is now In voluntary liquidation, was made at the Supreme Court this morning before Mr. Justice Herdman. On behalf of four Wellington shareholders a petition had been lodged for the winding-up of the company by .the court, or alternatively that the voluntary liquidation be continued" subject to the supervision of the court.

When informed that the hearing of the petition would occupy some time, his Honor said it would be inconvenient for him to proceed with it. He asked the reason for the urgency of the petition, and Mr. Haigli, for the petitioners, replied that there was gross mismanagement of the* company's affairs, and it was essential that there should be an immediate investigation by an official liquidator, Mr. Richmond, for the company, objected to the allegation of mismanagement, and added that Mr. A, L. Stedman, of Auckland, a gentleman of the highest standing, had been appointed liquidator at a meeting held last week. Any suggestion of mismanagement was improper. Mr. Haigli replied that he was referring only to the management in the past, and said that there were a number of grave iriatters which required investigation. The petition was adjourned sine die.