Hort. firm wound up
PA Tauranga A Tauranga-based horticultural development company, the Greengold Corporation, Ltd, was wound up in the High Court in Rotorua yesterday.
Mr Justice Hillyer had earlier declined an application for an adjournment.
The petition to wind up was laid by Dalgety Crown, Ltd, which claimed it was owed $1,266,990 for kiwifruit orchard development materials supplied between June, 1985, and January this year. Counsel, Mr lan Thomas, asked for an adjournment on behalf of General Bills, Ltd, which lent Greengold $3.3 million and is the main secured creditor. General Bills is a subsidary of General Finance.
Mr Thomas also appeared for the National Bank, a secured creditor, for $600,000.
Mr Thomas also appeared for Bayfield Estates and Bayfield Orchards opposing the winding up petition.
He said these companies owed Greengold money and intended raising a subscription loan for about $BOO,OOO to pay the debt.
Mr Justice Hillyer said he had nothing before him to guarantee the petitioner would be paid. “The petitioner clearly wants the money and is entitled to proceed,” he said.
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Press, 24 July 1986, Page 29
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176Hort. firm wound up Press, 24 July 1986, Page 29
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