Gun company ordered to be wound up

Press, 18 December 1986, Page 6

Gun company ordered to be wound up

Niels Papps, Ltd, which used to run Gun City at the comer of Cashel and Barbadoes Streets, has been ordered to be wound up by Mr Justice Williamson in the High Court after a debt of $41,019 had been proved to the Winchester Division of the Olin Corporation (NZ), Ltd.

Mrs A. M. Edwards, who appeared for the petitioning creditor, said that an application had been made to change the name of the debtor company to Loading Specialist, Ltd, but the change had not been registered.

She asked for that name to be included in the winding-up order and His Honour agreed. Niels Papps, Ltd, was incorporated on April 24, 1985, with paid-up capital of $30,000. Evidence of the $41,019 debt for firearms and ammunition supplied between March and August this year, .was given by Robert Malcolm Hay, of Auckland, the administration manager of the Olin Corporation.

He told His Honour that he understood that Gun City had been sold back to a former owner.

On the petition of Steel and Tube (New Zealand), Ltd, Mayne Holdings, Ltd, constructor and manufacturer, was ordered to be wound up. . Evidence was given by Frank Williams, Christchurch branch manager of Steel and Tube, that Mayne Holdings owed $52,581 for steel products purchased between May and July of this year.

Mayne Holdings was incorporated on August 22, 1972, with paid-up capital of $5OOO. Place Crete (1985), incorporated in August last year with paid-up capital of $3OOO, was ordered to be wound up on the petition of Hampton and Company (Christchurch), Ltd, which proved a debt of $llBl for concrete equipment supplied between October, 1985, and June, 1986. The winding-up petition was supported by the Inland Revenue Department, which claimed a debt of $1166, and The Star, Christchurch, a debt of. $777. Mr Roger Fraser, who appeared for one of the supporting creditors, told His Honour that the principal of the company, which had ceased trading, was now in Australia. He understood the company had no assets.

Because of an unpaid bill for $2511 for the hire and laundry of linen and damaged stock, an order was made to wind up Restaurant Budapest, Ltd, which was incorporated in September, 1981, with paid-up capital of $9OOO.

The petitioning creditor was N.Z.T.S. Services, Ltd, and the debt was incurred between May and October, 1985. The M;E.D. which claimed a debt of $2455, supported the petition.

It was pointed out by Mr Michael Victor Smith, who appeared for the petitioning creditor, that the Restaurant Budapest had no association with the debtor company.