Unusual pool plans by Dalhoff liquidator

Press, 7 September 1989, Page 22

Unusual pool plans by Dalhoff liquidator

PA Wellington Creditors of the Dalhoff and King Group, in receivership since 1982, could receive up to 90 cents in the dollar under an unusual pooling of assets proposed by the liquidator. Without a deal to pool assets, unsecured creditors of Dalhoff and King Holdings, Ltd, would be paid in full, unsecured creditors of Dalhoff and King NZ, Ltd, would get about 49 cents in the dollar and shareholders of Dalhoff and King Holdings, Ltd, would get about 28 cents a share. ,

A joint liquidator, Mr Don Francis, of Deloitte Haskins and Sells, said

court orders were being sought for the pooling of the assets, liabilities and the shareholders of the three companies. It had become obvious that Dalhoff and King Holdings, Ltd, Dalhoff and King NZ, Ltd, and D. and K. Truck Distributors, Ltd, were treated by the public as one company, Mr Francis said in a statement.

“For that reason, it is my opinion that it is only fair and equitable that all parties who dealt with the companies be treated in the same way.” To his knowledge, it was the first time that a pooling order had been sought “in the public

arena” although pooling arrangements have been made in relation to small private companies. A letter to 2300 shareholders and 450 unsecured creditors explained that the liquidators are holding $3,609,000 for distribution.

If a pooling order was made, unsecured creditors could expect to receive about 90 cents in the dollar although shareholders would receive nothing. The $3,609,000 was received from asset sales although two properties at airfields, Momona, Dunedin and Ardmore, near Auckland, remain to be sold.