A.N.Z. LOAN TO FIRM
Full Payment Unlikely
(N.Z. Press Assn.—Copyright) SYDNEY, October 19.
The Australia and New Zealand Bank, which lent Maryborough Knitting’s whol-ly-owned subsidiary, La Mode Holdings, Ltd., £183,249 in 1964-65, may not be paid in full, La Mode’s annual report reveals.
Maryborough Knitting is considering a proposal to put to the preference shareholders in La Mode. The balance-sheet at June 30 shows that the amount owing to the A.N.Z. Bank rose from £286,972 to £470,221. Directors of La Mode said that after the appointment of a receiver, action was being taken to sell the company as a going concern, and present indications pointed to the fact that the proceeds would not satisfy the bank's debenture.
“Directors regret to report that the entire capital of the company, both ordinary and preference, is lost,” the annual report said.
Directors of La Mode are Commander Lionel Robinson (chairman), Mr H. B. Fisher, Mr R. H. Burgin and Miss E. M. Thompson.
“There is no doubt that the company will have to go into liquidation,” directors said.
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https://paperspast.natlib.govt.nz/newspapers/CHP19651020.2.221.7
Bibliographic details
Press, Volume CIV, Issue 30886, 20 October 1965, Page 25
Word Count
175A.N.Z. LOAN TO FIRM Press, Volume CIV, Issue 30886, 20 October 1965, Page 25
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