SURFDALE ESTATES.

New Zealand Herald, Volume LXIII, Issue 19418, 28 August 1926, Page 15

SURFDALE ESTATES.

COURT ORDERS WINDING-UP. " A CRASH INEVITABLE." An application by Mi lb urn and Rowlings (Mr. Leary) for the winding-up of Surfdale Estates, Ltd. (Mr. Beattie) was granted by Mr. Justice Herdman in the Supreme Court yesterday. Mr. Beattie asked that the matter should be adjourned. The present was a "dead" season as far as the company was concerned, but it would be doing brisk business in the summer, and had a number of agencies which would be a big assistance. It would then be in an assured position. Mr. Leary said he opposed the adjournment. As far as the agencies were concerned, a new company had been formed to take them over. The company had been insolvent, for years, and the idea of the application for the adjournment was simply to delay the inevitable. The crash had to come. He possessed a letter from one of the principals saying he would not object to the winding-up. Employees were leaving for other engagements—"a case of the rats leaving the sinking ship." A number of salesmen were being employed at. salaries averaging £5 a week. His Honor: It is said that this is a quiet time for land agents. Mr. Leary: I can"call evidence to support what I have said. The company's position is hopeless. His Honor: You need say no more, Mr. Leary. The adjournment is refused, and I will make an order winding-up the company. Mr. Leary asked for costs, but His Honor ordered the question to stand over.