Optimistic estimate
I C.V.Z. Press Association) AUCKLAND. Creditors of Circuit Developments, Ltd. in liquidation have been told that assets might realise about $500,000 less than earlier expected. The firm’s liquidator, Mr P. R. Lomas, who is the official assignee, said in a report to creditors that Circuit Properties so far sold have realised $225,250! less than expected. In a Statement of Affairs: given to creditors in October: last year the properties were I expected to provide $641,662 for unsecured creditors. Two North Shore buildings — at Takapuna, and Browns Bay — realised $140,000 less than expected. “On some transactions the Inland Revenue Department has questioned the liability of the company to property speculation tax, and this matter has not been finalised,” Mr Lomas said.
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Bibliographic details
Press, Volume CXV, Issue 34031, 20 December 1975, Page 19
Word Count
122Optimistic estimate Press, Volume CXV, Issue 34031, 20 December 1975, Page 19
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