Smart meeting result secret

Press, 22 August 1989, Page 26

Smart meeting result secret

PA Auckland The outcome of a meeting between a former chairman of the property company, Richmond Smart, Ltd, Stephen Smart, his wife, Susan, and their creditors remained a secret last evening. Up to a dozen creditors and Mr Smart filed into a meeting room in the BNZ Tower in Queen Street, Auckland, and filed out 50 minutes later without giving any indication of the outcome. However, it is understood that no vote was taken to approve the proposal under part XV of the Insolvency Act, 1967. . Afterwards, the provisional trustee, Mr Jeff Meltzer, said the meeting of creditors was a private arrangement of Mr Smart, and everyone had agreed not to speak. .Later, one major creditor said: “Our position is that we require further information in terms of the proposal to go to . the next stage.” Asked if a vote was taken to approve the proposal, he said: “It was left in some other way. You will need to attend the Court to find out what has happened. I think it will be adjourned for a while.” DFC Financial Services is petitioning a bankruptcy proceeding against both Mr Smart and his wife. DFC has claimed SI.SM. That debt was 7.7 per cent of the total amount owing to creditors. A hearing in the High Court at Auckland on August 9 was adjourned until tomorrow to await the outcome of the creditors’ meeting.