Bon Voyage hope for safe return

Press, 29 September 1976, Page 1

Bon Voyage hope for safe return

Creditors of Bon Voyage Travel, Ltd, a company placed in liquidation on the bankruptcy of its principal (Mr G. P. O’Farrell), are still hoping that a loan of about $30,000 made by the company to Mr O’Farrel will be repaid. At the first annual creditors’ meeting 15 of the 85 eligible to attend were told by the joint liquidator (Mr A. G. Lewis) that a payment of 10c in the dollar

would be made in a few

days, from the net assets of 510,000. After the liquidator had realised these assets and obtained proof of debt, the company had a deficiency of about $87,000, $33,000 of this being the loan to Mr O’Farrell. Part of this loan had enabled Mr O’Farrell to fly Cook Islanders home to vote at their General Election. Another $19,000 was owed to Thai Airlines, on behalf of the New Zealand Himalayan expedition, which attempted to climb Mount Jannu last year. The attempt was in part sponsored by Mr O’Farrell.

Before any repayment

could be made to the company, the Official Assignee (Mr I. Hansen) would have to pay fully all other creditors, said Mr Lewis.

Mr O’Farrell was declared bankrupt in August, 1975, with debts thought to total more than $250,000.

There was some hope of one other payment to creditors of Bon Voyage, said Mr Lewis. A small amount was owing for air fares incurred by the Mount Jannu team, and if this were paid, it would provide about 3c in the dollar each to creditors.