Co. has $4.9M deficit
PA Wellington Alexander Acceptances, a private finance company, was wound up by the High Court in Wellington yesterday, with a de- ’• ficit of more than $4.9 million. A Justice Department petition to wind-up the company, of which Napier financier, Sir Peter Tait is a director, was not opposed. The department petitioned for the wind-up on the grounds that the company was insolvent. It has been in the hands of a provisional liquidator since August, after a run on funds was caused by media reports linking it with the “Gang of 20.” Agent for the provisional liquidator, Mr Rod McKenzie of Arthur Young and Co, told the court a statement of assets and liabilities prepared on October 3 showed an estimated deficit of $4.9M. A petition to wind-up another company in the group, Alexander Associates, was adjourned.
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Press, 6 October 1988, Page 27
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140Co. has $4.9M deficit Press, 6 October 1988, Page 27
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