Landbase creditors to meet

Press, 29 September 1988, Page 34

Landbase creditors to meet

PA Auckland Investors in Landbase contributory mortgages will be able to attend the crashed group’s first meeting of creditors next month — but their status will not be decided until later. Mr Justice Barker delivered his ruling on applications from the Official Assignee at Auckland, Mr Robert On Hing, for directions concerning the status of investors and to free some Landbase money to preserve the value of some properties. The order means advances can be completed for buildings that in their unfinished state would deteriorate. Mr On Hing said a large crowd of investors were expected and the Hyatt Kingsgate Convention centre in downtown Auckland had been booked for the creditors’ meeting on October 18. The draft order from Mr Justice Barker said all persons who have an interest in mortgages in the name of Landbase Nominee Co may attend and vote at the creditors’ meeting. A second order from the judge allows people who have deposited money in Landbase Securities, but have not had their investment allocated to a mortgage to attend and vote at the meeting.