HANWORTH AIR PARK

Greymouth Evening Star, 14 August 1933, Page 3

HANWORTH AIR PARK

RECEIVER APPOINTED. LONDON. July 21. On behalf of Debenture holders Mr. Justice Farwell, in the Chancery Division yesterday, appointed a. receiver of National Flying Services Ltd., Ilanworth Air Park. Mr. Cecil Turner, who applied on behalf of Air. Arthur George Cousins and Mr. William Slack, trustees for the first mortgage Debenture stock, said the interest was in arrear, and (he security had become enforceable. Mr. Wilfrid Hunt, for the company, and for the National Bank, who were also Debenture holders, said he did not oppose the motion. Both the company and the bank realised that a receiver and manager was necessary. Mr. Turner said the applicants also

m-ked for leave to borrow £2,000 for the immediate needs of the business, which was the Hanworth Flying School, where aeroplanes were lot out for hire and for instruction. Mr Gordon England, one of the directors had stated that the expenses were £BOO a week. The weekly receipts were no!, far short of the expenses. Mr. Justice Farwell said he would giy.i leave to borrow a sum not exceed im; £BOO to enable them to carry <m until they could make a proper application in chambers, and he would appoint Mr. C. J. G. Palmour, of Messrs. Whinney, Smith and Whinney, receiver and manager, with liberty to act until October 10.