Investment Executive Trust Liquidation

Manawatu Times, Volume 60, Issue 132, 7 June 1935, Page 7

Investment Executive Trust Liquidation

reply to debenture HOLDERS' CIRCULAR Per Press Association. WELLINGTON, Last Niglit. The aeting-Minister in charge oil the Public Trust Office, Hon. Adam Hamilton, to-day referred to certain statements in a circular issued to debenture holders of the Investment Executive Trust of New Zealand Ltd., in liquidation, by the Wellington district representatives of the debenture holders' committee. He refuted the statement mado in the circular that liquidation would mean the sale of the assets of the company at an enormous loss, and said the debenture holders could rest assured if liquidation is to proceed there will bo no hasty realisation on an unfavourable market and the Public Trustee who is the liquidator will take every precaution to see that the interests of the debenture holders arc fully protected. The Minister also added that the circular purported to give an estimate of the assets and liabilities of the company showing as a result a surplus of over £9OOO. The Public Trustee is at present actively engaged in ascertaining the financial position of the company and is unable to express auv opinion regarding tho estimated value of tho assets supplied in tho circular. Inquiries so far, however, make it clear that the liability, of the company in respect of debentures issued to the public (apart from, other debentures) has been underestimated in the circular lay over £IOO,OOO. The Minister concluded that as soon as the Public Trustee’s inquiries were completed ho would advise each debenture holder on the financial position rf, the company.