Prison contract cause of failure
The weather and size of the • Paparua Prison contract were the main reasons for the failure of Peninsula Painters. Ltd. a meeting of creditors was told : on Thursday. The Deputy Official Assignee pMr L. Anderson, said that the company had 18 unsecured creditors who were owed 58477.72. and a total indebtedness of $10,752.35. Tiie company was wound up jin the Supreme Court. Christchurch on May 23. _lt ceased trading in December. 1974. Creditors were told that the Paparua Prison contract was i held up by bad weather and onj site problems. The sequence of sub-contract work was held up ! because of the main contractor, and the contract was too large and did not flow. There were two shareholders lin the company. William John Morris and Willem Veth, who both owned 1000 SI shares. Their business was painting, decorating and allied trades. j Assets shown in the statement of affairs were estimated to proi duce 52694.32. and there was an i estimated deficiency of assets to meet liabilities of the company • subject to costs of liquidation of $8058.03.
Mr Anderson said that it ap peared that there would be little or no funds available for un secured creditors. Mr Veth only painted build ings. and Mr Morris was a painter and decorator. Boti shared the work, and had an equal control in the company Their bookkeeping was done by a firm, which also collected debts owing to the company. The Official Assignee was ap pointed official liquidator of the company and the meeting was closed.
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Bibliographic details
Press, Volume CXV, Issue 33875, 21 June 1975, Page 21
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259Prison contract cause of failure Press, Volume CXV, Issue 33875, 21 June 1975, Page 21
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