Haulaways group in receivership

Press, 30 November 1978, Page 1

Haulaways group in receivership

PA Auckland The Haulaways Corporation, Ltd, was yesterday placed in voluntary receivership on behalf of the Credit Finance Corporation, the Bank of Credit and Commerce International, and the Kuwait International Finance Company. Mr Peter Coote, an Auckland chartered accountant, has been appointed receiver at the request and with the full co-operation of, the Haulaways board of directors.

Car Haulaways. Ltd, part of the group, is the parent company of Nationwide Air, Ltd, the Christchurchbased firm which has been running a Carvair transport aircraft between Christchurch and Wellington dailv for the last three weeks. Nationwide was formed from Air North, Ltd. a licensed air operator. Nationwide itself will face two Supreme Court actions soon.

The Railways Department is seeking an injunction to restrain the Carvair services, while Eagle Airways, Ltd, of Hamilton, has petitioned the Supreme Court for a winding-up order because of an alleged debt of $6405.

Meanwhile. Nationwide Air is expecting to take delivery of a second Carvair car freighter today. But the Press Association quotes the company's operations manager (Mr R. Gilbert) as saying that the second Carvair will not be in service for about two weeks.

The group is not being put into liquidation and. according to Mr K. E. Mirza, of the Bank of Credit and Commerce International. the move is being made to protect all creditors. The three financiers had

lent Haulaways S2.BM under two debentures. Mr Mirza said last evening that he thought the company could trade out of its difficulties. He described the appointment of a receiver as a “positive step.”

Mr Coote said the receivership was made in the interests of all parlies. He expected to be able to make a statement today.

It is believed that Car Haulaways has been profitable. like most of the rest of the group which has expanded rapidly in recent years.