COMPANY IN LIQUIDATION

Press, Volume CIII, Issue 30562, 3 October 1964, Page 24

COMPANY IN LIQUIDATION

Creditors Meet A resolution that the Supreme Court be asked to annolnt the Official Assignee (Mr P. D. Clancy) the liquidator of Glenray (New Zealand), Ltd., was passed by a meeting of the company’s creditors. The company’s liabilities, according to its statement of affairs, showed £2361 14s 9d owed to 20 unsecured creditors. Assets were listed as £553 5s 9d. The deficiency was £lBOB 9s. A director, Mr N. A. J. Mcßae, said his company was incorporated in December, 1961, to sell bicvcles using the licences of Neil Mcßae and Company, Ltd., Dunedin. This company is in liquidation and the licences were sold. The result was falling sales for Glenrav. Efforts to find work for the press were not successful and the company was forced into liquidation, said Mcßae. Mr Clancy told the meeting that an investigation of the company’s books showed the opening capital comprised mainly plant bought personally by Mr Mcßae from the liquidator of Neil Mcßae and Company, Dunedin. This plant which was introduced into the business was secured to the liquidator. “It is apparent there is no equity in the company,” said Mr Clancy. The meeting appointed a committee of investigation comprising Messrs R. R. Hewett and M. B. Restall to act with the liquidator.