Management cleared
A report on this page yesterday about the Christchurch Properties group of companies was not intended to imply that the receiver appointed to deal with the group’s affairs had found that the previous management had been incompetent in controlling and recording transactions. Reference was made in the report to the time spent untangling a web of inter-company transactions. The receiver (Mr S. W. Bullen) said yesterday that the preparation of the statement of affairs by officers of the company
took some time, but this was because of the range and diversity of the group’s activities. “The management and control of the group was properly conducted at all times, in difficult trading conditions, and complete financial accounts and records were always maintained,” said Mr Bullen. The report wrongly attributed the sum of $16,000 to Amuri Motors, Ltd, as a creditor of Christchurch Estates, Ltd. Amuri Motors is not now a creditor of that company.
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Press, 26 May 1979, Page 1
Word Count
155Management cleared Press, 26 May 1979, Page 1
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