Secureland petitions hearing tomorrow

Press, 24 July 1986, Page 4

Secureland petitions hearing tomorrow

Hearing of petitions to wind up Secureland Mortgage Investments Ltd, and a nominee company will be held tomorrow.

The petitions, brought by the Registrar of Companies, have been adjourned twice. The adjournment was granted by Mr Justice Heron in the High Court yesterday after he had been told that there was yet another proposal for the purchase of the shares in Secureland.

Mr J. J. Brandts-Giesen, who appeared for McKay Hill and Company, a firm of Napier solicitors, said that his client had sent a circular to investors putting a proposition to salvage Secureland. A large number of creditors had shown an interest in the proposition. Counsel for Secureland, Mr N. Till, requested the adjournment until tomorrow, when a fixture had been set down. It was not intended that the

winding-up petitions would be defended, and the hearing was expected to take about an hour.

Mr G. K. Panckhurst, for the Registrar of Companies, said that he did not object to the adjournment until tomorrow. There would be time to deal adequately with the proposal. Significant amounts of public money were involved.

Hearing of a petition to wind up St Albans Real Estate, Ltd, was adjourned to September 1, with the consent; of the three major creditors, to enable a proposal to be investigated. Also adjourned to September 1, for a defended hearing, were petitions to wind up Guardsman Properties, Ltd, and Saffron Holdings, Ltd. The main petitions were brought by Arthur Russell Idiens, a builder, who claims that he is owed $74,900 for the sale of a property to Saffron Holdings. The guarantor

was Guardsman Properties.

Both companies are owned by Franciscus Wilhelmus Joannes de Bont

Bealey Avenue Service Centre, 1982, Ltd, was wound up on the petition of Mobil Oil New Zealand, Ltd,, which proved a debt for $32,304. The servicestation company was incorporated in October, 1982, with a paid-up capital of $50,000. j Service Station Supplies, Ltd, incorporated in 1973, with a paid-up capital ,qf $20,000, was wound up oh the petition of Mico Wakefield (South Island), Ltd, which proved a debt of $2556 for fasteners supplied in December last year.

-On the petition of the Inland Revenue Department, Concrete and Stone Services, Ltd, incorporated in March, 1981, with a paid-up capital of $lOOO was ordered to be wound up after a debt of $llOO was proved.