PINNOCK TO WIND UP?
Petition Filed By Depositor (N.Z. Press Assn.—Copyright) ‘ LONDON, June 26. A petition for the immediate winding up of Pinnock Finance, the £8.5 million group which crashed in April, was filed by a depositor today, the “Daily Mail” reported. The hearing on July 24 will put the decision about liquidation into a High Court’s discretion, instead of that of Dr. Benjamin Cohen, the company specialist called in after the crash. Scheme Rejected Dr. Cohen has put forward a scheme to save the company but it was rejected by a depositors’ committee, which favoured liquidation Dr. Cohen is still trying to get depositors’ approval, the newspaper said. The board has rejected a decision by a committee of creditors that the Pinnock group should be liquidated immediately.
The committee of creditors voted 4-3 on June 13 for immediate liquidation of the company and distribution of its £1.25 milion assets.
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Bibliographic details
Press, Volume CVII, Issue 31407, 28 June 1967, Page 23
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150PINNOCK TO WIND UP? Press, Volume CVII, Issue 31407, 28 June 1967, Page 23
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