Contractor flees after wind-up

Press, 8 July 1976, Page 4

Contractor flees after wind-up

The principal of a subcontracting firm in liquidation had not been seen or heard of since the morning of the day the winding-up order was made for the company, a meeting of creditors was told yesterday.

The deputy official assignee (Mr L. Anderson) told the meeting that the principal of R. J. Cannon, Ltd. Ronald John Cannon, had been reported to be in Australia but that this was unconfirmed. The last anyone had heard of him was a letter written from Christchurch airport. Mr Anderson said the official assignee (Mr I. A. Hansen), who was acting as provisional liquidator, had not been able to prepare a statement of affairs because it was impossible without the assistance of Cannon. Mr Anderson said the claims of debt received by the provisional liquidator sb far totalled $35,231.23. Of this there was $17,739 owed to the Inland Revenue Department as unpaid P.A.Y.E. tax. This was a preferential claim.

The Bank of New South Wales had a claim in for $9526 which was secured by a debenture, Mr Anderson said.

He told the meeting that he had inspected the family home of Cannon but could not say for sure which assets might be those of the company. Because of the

large amounts of priority debts Mr Anderson said he was extremely sceptical that any funds would be available to provide a fund for the creditors.

The company was incorporated in 1968 and operated' as a sub-contracting firm fitting windows, doors and other fittings. Two large contracts the company had with the Housing Corporation and extensions to hospital buildings had not been completed. The meeting was adjourned sine die as there was not a quorum of creditors. The official assignee will remain as liquidator.