Capital Air creditors
p a Nelson
Unsecured creditors of Capital Air Services, Ltd, (in receivership) are offered a first and final payment of 15c in the dollar”
A move has been announced in Nelson to call a meeting of local creditors in the next few days to appoint a joint representative who would watch over their interests at a meeting of creditors in Wellington. The secretary of the Nelson Regional Airport Authority. Mr L. G. Ardell (who is also Town Clerk), said that the airline owed it $3200. If the final settlement was to be only $4BO, it was scarcely worth the authority’s sending its legal adviser, because it could prove a costly exercise.
Mr C. V. Neale, a former City Councillor, whose General Marketing Group is also owed a substantial sum by Capital. said that a joint appointment was the only way Nelson unsecured creditors could protect themselves.
Mr Neale said Capital was shown to have liabilities of $820,000. of which receivership costs ($20,000), and debentures (James Aviation, Ltd, $220,000) had first call on assets.
This left $38,000 owing to unsecured creditors.
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https://paperspast.natlib.govt.nz/newspapers/CHP19771019.2.104
Bibliographic details
Press, 19 October 1977, Page 15
Word Count
183Capital Air creditors Press, 19 October 1977, Page 15
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