Property developer wound up

Press, 1 August 1989, Page 40

Property developer wound up

Timaru Motels, Ltd, a property developer incorporated in October, 1985, with a paidup capital of $lOOO was ordered to be wound up by Master Hansen in the High Court yesterday after it was proved to owe UDC Finance, Ltd, $329,129. That sum was an advance made to Vinnetta Holdings, Ltd, as a term loan on June 10, 1987, and interest and legal costs. Timaru Motels was liable for the debt according to a deed of indemnity and guarantee of June 12, 1987, between it and John Laurence Wilson, Gail Vinnetta Wilson, Sonter Developments and Unibuild Construction, Ltd. On . the application of the Westpac Banking Corporation, Warner Developments, Ltd, incorporated in April, 1987, with a paid-up capital of $lOOO, a land development company, was ordered to be wound up after a debt for $18,405 was proved.

Mount Thomas Resources, Ltd, was ordered to be wound up on the application of David Mark Emerson and June Elizabeth Emerson, trading as Emerson Motors, Ltd, of Oxford, after a debt of $2061 for fuel and repairs incurred in September, 1988, was proved.

lEL sells share Industrial Equity (Pacific) said it lowered its holdings in Central Pacific Corp to 9.83 per cent or 549,755 shares of the company’s common stock outstanding. In a filing with the Securities and Exchange ' Commission, Industrial Equity said it sold 836,000 common shares on July 18 on the open market at sAustl3 (SNZI6) each. Central Pacific is a Californian Bank Stores sold Chase Corporation has sold three more' properties occupied by Farmers Trading Company stores as part of a continuing programme to sell and lease back Fanners properties. A spokesman for Bayleys Real Estate confirmed that Fanners stores at Pukekohe, Papakura and Mangere had been sold to private individuals and investors. Several more such sales were imminent, he said.