Creditors to decide fate of TV firm

Press, 13 April 1978, Page 4

Creditors to decide fate of TV firm

A petition to wind up Bate, man Television (1973), Ltd, I was adjourned to May 10 by IMr Justice Roper in the Supreme Court yesterday to enable a meeting of the creditors to be held on April 26 to consider a scheme to enable the company to continue trading. When the winding-up I application was called in the morning Mr R. L. Kerr, who appeared for the petition creditor, A.W.A. (N.Z.), Ltd, strongly opposed the adjournment and said that he had been instructed to proceed. After hearing argument from counsel his Honour decided that the matter would proceed. Late in the afternoon after evidence had been given by two witnesses Mr Kerr said that he did not then oppose the application for adjournment. His client had felt before hearing the evidence that liquidation was desirable.

Mr J. R. Fox appeared for Bateman, Ltd. Mr H. Keyte, of Auckland, appeared for the following creditors of the company: Pye, Ltd, Thom Radio Industries (N.Z.) Ltd, Philips Electrical Industries of N.Z, Ltd, Master Industries, Ltd, N.Z. Electrical Traders, Ltd; and Mr P. G. S. Penlington for Mr W. A. Hadlee, the second debenture holder.

I All creditors represented at I the hearing, apart from the petitioning creditor, opposed the petition for winding up. When applying for the adjournment in the morning Mr J Fox said that the matter had i first come before the Court I three weeks before and was I adjourned to enable a scheme ifor the continued operation jof the company to be drawn up and to be placed before a meeting of all creditors which it was proposed to hold on April 26. Mr Fox said that the creditors who opposed the winding up of the company were owed approximately $228,000 and those who supported the petition were owed about $68,000. Mr Hadlee also supported the proposal to put the scheme to a meeting of creditors as soon as possible. Evidence was given yesterday by John Nicholas Rundle, a chartered accountant and a I director of Bateman Television, Ltd, that the company had a paid up capital of $lOOO and an unpaid capital of $49,000. He estimated that if the company was wound up now that creditors would receive a maximum dividend of 20c in the dollar but that it would probably be closer to 15c.