TO BE WOUND UP

New Zealand Herald, Volume LXXIV, Issue 22819, 28 August 1937, Page 18

TO BE WOUND UP

TOBACCO COMPANY SUPREME COURT ORDER \ „ ■„ ? LOSS OF £63,000 SHOWN An order for the winding up of tho Consolidated Tobacco Company, Limited, Auckland, was made by Mr. Justice Ostler in the Supreme Court yesterday. The application was not opposed. The petitioning creditor, Loyal, Limited, was represented by Mr. Mackay, and Mr. Finlay appeared fot tho Amalgamated Tobacco Manufacturers', Limited, another creditor, and Mr. Dyson for the Bank of New Zealand and New Zealand Investment Trust debenture holders.

The liquidator of the company, Dudley N. Chambers, 6aid a receiver entered into the business of the Consolidated Tobacco Company on February 12, 1937, and from that time all payments to creditors had been suspended. The Bank of New Zealand was the first debenture holder to the amount of £IO,OOO. The company's balance-sheet showedi a loss of £63,022, and the assets consisted of land and buildings, machinery, furniture, etc., of an estimated total value of just under £40,000. The assets, however, would be difficult to realise. In his opinion it was impossible for the company to carry on.

Mr. Finlay and Mr. Dyson both stated that the parties they represented were anxious that the company should bo wound up and a full investigation made into its affairs. His Honor then made an order for tho winding up of the company, and appointed the official assignee as provisional liquidator.