RSL-linked case delayed
PA Auckland Winding-up proceedings against two companies linked to the collapsed Registered Securities (RSL) contributory mortgage group have again been adjourned. Mr Brian Henry, who appeared in the High Court at Auckland for RSL parent company, Manukau Park Holdings, and the Manukau Park International Sports Complex, asked for a “final” adjournment to June 14.
The adjournment was agreed to by the National Bank which brought proceedings against Manukau Park Holdings and consulting engineers and surveyors Tonkin and Taylor, who sought the winding up of Manukau Park International Sports Complex. Mr Henry told Master Towle that press reports stated the amount owed by Manukau Park Holdings to RSL was about $3O million.
He expected substantial repayments would be made before the next hearing. It is understood an RSL director, Mr Christopher Boyle, is still trying to secure millions of dollars worth of loans overseas to satisfy creditors and to develop further Manukau Park. Thought to be a condition of any loan is that work be carried out on Manukau Park with the money borrowed
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Press, 13 April 1989, Page 23
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176RSL-linked case delayed Press, 13 April 1989, Page 23
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