Real estate petition adjourned again

Press, 19 June 1986, Page 6

Real estate petition adjourned again

A petition to wind up St Albans Real Estate was again adjourned in the High Court yesterday after Mr Justice Cook ruled that John Bentley, a former commission agent of the company, could be substituted as the petitioning creditor, subject to his complying with certain High Court rules. The petition was adjourned to July 9. The original petitioner, The Star Christchurch, Ltd, claimed a debt of $3257 against St Albans Real Estate, Ltd, but did not press its claim and Allied Press Ltd, newspaper publishers and printers, of Dunedin, which claimed a debt of $12,747, was to be substituted subject to the filing of documents. Yesterday when the case was called Mr H. Matthews, for Allied Press, was granted leave to withdraw from the proceedings. No reason was given in court. Mr H. Van Schreven,

who appeared for a number of former commission agents of the real estate company, sought to have John Bentley substituted as the petitioning creditor. He and a number of other former agents, had given notice that they supported the winding up petition. It was submitted by Mr W. G. G. A. Young, for the debtor company, that his Honour had no jurisdiction to allow Mr Bentley to be substituted as the petitioning creditor as the petition had lapsed on the failure of Allied Press to proceed. His Honour said that the original petition had been adjourned to yesterday’s date so was still before the court. In reply, Mr Young said that as the requirements for substitution had not been complied with by Allied Press, the petition lapsed. It was not known why Allied Press was not proceeding. There were seven or

eight persons waiting to take over the petition which handicapped the receiver in his work. It was not intended by the legislature that a windingup petition could be continued almost indefinitely with a series of substitutions. The matter had attracted some undesirable publicity, Mr Young said. Mr Van Schreven said that two original petition to wind up St Albans Real Estate by the “Star” first came before the court on May 28. That company was given leave to withdraw and Allied Press sought substitution and the petition was adjourned to June 18. Now the Dunedin company did not want to proceed. This was the first opportunity that Mr Bentley and his colleagues had to press their claims. They were unsecured creditors who had no rights with the receiver and they should not be prejudiced

over a point over which they had no control. Mr Bentley claims a debt of $9167. The agents had been represented when the petition was first called, Mr Van Schreven said. His Honour ruled that he had jurisdiction to substitute another creditor as the petitioner for winding up and adjourned the matter to July 9 to enable Mr Bentley to file the required documents. Creditors supporting the winding up of St Albans Real Estate with the amount of their claims against the company given in brackets are: the Christchurch Press Company, Ltd ($23,837), Wayne McConnochie ($2645), Graham Galt ($4381), Peter Arrow ($1400), Bevan Moore ($1529), Kay Dubbelman ($1630), Barbara M. Scott' ($2250), Paul Karabassis ($1851), Bob Hooker ■ ($5211) and Barry Ede: ($1410).