Debenture Given By Company Challenged

Press, Volume CVIII, Issue 31597, 7 February 1968, Page 14

Debenture Given By Company Challenged

An application challenging a debenture over the assets of Mackay Marine, a boat building and marine supplies firm, had been made, and the necessary documents would be filed in the Supreme Court today by the Crown Prosecutor (Mr C. M. Roper), the Official Assignee (Mr J. B. K. Curran) reported at a meeting attended by six of the company's creditors yesterday. Mr Curran said that police investigations into the affairs of the company were nearly completed, but not all the books were yet available to him or the receiver (Mr H.

Beattie). The company was wound up by a Supreme Court order on October 25. A statement Of affairs presented at a meeting of creditors in November revealed that liabilities of the company outweighed its assets by more than $BO,OOO. Mr Beattie told the meeting yesterday that virtually all the assets had been sold. Cash in hand at present amounted to $18,749. Book debts totalled $14,400.

Messrs A. R. Mackay and W. B. Reed, directors of the company, were not present at the meeting. Mr Curran adjourned the meeting until March 19. He said it would probably then be possible to consider the company’s state of affairs and hear Mr Mackay and Mr Reed explain its operation.