Enzlon Accounts Study

Press, Volume CVI, Issue 31188, 12 October 1966, Page 3

Enzlon Accounts Study

(N.Z. Press Association)

WELLINGTON, October 11.

The Minister of Justice (Mr Hanan) told Parliament today he had arranged for the accounts of Enzlon, Ltd., already filed in the Companies Office to be searched.

Dr. A. M. Finlay (Opp., Waitakere) asked the Minister if it was possible to obtain from the liquidator of Enzlon, Ltd., particulars of all pay[ments made to the promotors, directors, and underwriters of the company and how much, if any, of the sum received on the sale of the undertaking to Holeproof (N.Z.), Ltd., would be paid to them.

Mr Hanan replied that Enzlon, Ltd., was in receivership not liquidation. A receiver had been appointed by the trustees for the debenture holders under the terms of the trust deed.

“The receivership is there-

fore a private matter, and as Minister of Justice I have no power to require the receiver to disclose the various payments asked for,” he said. The Minister said he had, however, arranged for the accounts already filed in the companies’ office to be searched. In the accounts for the year ended June 30, 1965, the following figures were given as the total promotion expenses of the company until that date—preliminary expenses £6739; share and debenture issue expenses £14,816; and underwriting expenses £49,000. Provision for directors’ fees was also stated to be £2OOO. Mr Hanan said: “Accounts for the year ended June 30, 1966, have not been filed as this year’s annual general meeting has not yet been held.

“A section of the Companies Act, 1955, requires that a receiver shall send to the Registrar of Companies at yearly intervals an abstract [showing his receipts and pay|ments during the preceding [period of 12 months. These (statements, when filed, should

reveal any payments made to promoters, directors or underwriters during the year of the receivership. The first such statement is not due until July 2, 1967.”