Creditors’ meeting postponed
PA Wellington A creditors’ meeting of the collapsed sharebrokers, National Pacific Securities, has been postponed while High Court direction is sought on the position of clients who had shares held by the firm on a nominee basis.
A meeting was to have been held yesterday in Wellington but the receivers now expect it will not be held until August. National Pacific went into receivership last July and a draft statement of affairs has indicated a $8.75 million shortfall of assets against liabilities.
In a separate matter, the High Court last week reserved a decision on a $6.7 million lawsuit which the receivers took against eight former partners in Renouf Partners, which became National Pacific Securities in 1986. That action arose from warranties given at that time.
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Press, 1 June 1989, Page 47
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129Creditors’ meeting postponed Press, 1 June 1989, Page 47
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