Little hope for Wynns creditors

Press, 4 August 1977, Page 7

Little hope for Wynns creditors

Creditors of the New Zealand agents for Wynns motor parts have been told they have almost no chance of receiving the $70,000 owed to 178 of them. Simmons Marketing Company was put in liquidation on June 22, after being in receivership since late last year. According to Mr N. Anderson. who acted for the provisional liquidator (Mr 1. A. Hansen I at the first meeting of creditors recently, there are 181 creditors. Of these. 178 were unsecured. with little hope of being paid the $69,370 owed

them, he said. There was one partly secured creditor owed atteut $4OOO, and two preferential creditors — the

Customs Department and the accountancy firm of Barr, Burgess, and Stew r art, which initially acted as receivers. More than $2OOO was owed to the m. After deducting assets worth about $l6OO from the total $75,530 owed, there is a deficiency of $73,927.

Mr Anderson said 47 proofs of debt had been furnished before the meeting but fewer than the required three attended the meeting and so no vote was taken.

The share capital of the company was $60,000, formerly held by the managng director, Aldrin Joseph Simmons, and his wife, Patricia Elizabeth Simmons. The business has Tteen sold to an Auckland interest