Petition to wind up mall

Press, 7 May 1987, Page 4

Petition to wind up mall

Stafford Mall, Ltd, of Timaru, had secured creditors in excess of $4 million and the total assets of the company were estimated about $4 million, Mr Terry Sissons told Mr Justice Tipping in the High Court yesterday.

His Honour adjourned to June 10 a petition by Broadbank Corporation, Ltd, to have Stafford Mall wound up. When granting the adjournment, his Honour said that a receiver had now been appointed. The secured creditors were

likely to exhaust the assets of the company, leaving nothing for the unsecured creditors without reconstruction. Mr Sissons’ clients — South Canterbury Finance, Ltd, C. Lund and Company, and Desmond Unwin, Ltd — had served notices on Stafford Mall, and wanted an adjournment of two months. Any party seeking a further adjournment had to present detailed memoranda demonstrating progress to date and what was sought to be achieved by any further adjourn-

ment said his Honour. Stafford Mall was incorporated in January, 1985, with a nominal and paidup capital of $20,000. Its objects were listed as to carry on business as developers, builders, landlords arid property managers. The petitioning creditor, Broadbank, represented by Mr Gary Thompson, claims a debt of $53,639. Mr Richard Johnstone appeared.for the debtor company and Miss Kristina O’Connor for Marac, acreditor.