T. AND G. MAY SUE
Money Can Be Recovered
(N.Z. Press Assn.—Copyright) MELBOURNE, May 27.
Mr Justice Gowands ruled in the Supreme Court today that T. and G. Nominees was entitled to sue the former directors of Stanhill Development Finance to recover money that has been lost. He held that as trustee for the noteholders, T. and G. Nominees could sue without consulting anyone and use all or part of the money it holds in trust for the purpose.
However, T. and G. Nominees proposes to circularise the 6400 noteholders first.
Stanhill Development Finance, now in liquidation, was the key finance company of the Korman Group.
.After it defaulted in December, 1962, the trustee obtained judgment for 4m dollars and interest of 226,438 dollars.
The liquidator has recovered about 374.000 dollars—about 8 per cent of the total debt—which is being held in trust.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19660528.2.249
Bibliographic details
Press, Volume CVI, Issue 31071, 28 May 1966, Page 22
Word Count
143T. AND G. MAY SUE Press, Volume CVI, Issue 31071, 28 May 1966, Page 22
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in