PETITION DISMISSED
WINDING UP NEWSPAPER IN VOLUNTARY LIQUIDATION A petition for the compulsory winding-up of the Whangarei “Daily N ews,” Ltd., was dismissed I by Mr. Justice Kennedy in the Supreme Court yesterday in the course of a reserved judgment. JJIS HONOUR said that petitioners, claimed to be holders of. bearer debentures, one claiming - to be a creditor, sought the winding-up of the company on the grounds, first, that the company had suspended business for a year; secondly, that the company was unable to pay its debts; thirdly, that it was just and equitable that the company should be wound up by the court. It had been stated at the hearing that the company had passed a resolution for a voluntary wlnding-up on May 20, 1929, and was in voluntary liquidation, but the liquidator appointed had declined to act. Counsel for William Lawrence Doiiolioe, receiver for the first and second debenture holders, appeared to oppose the petition and to answer cetrain allegations made against him as receiver. It was suggested that it would be more economical that he should be appointed liquidator, as he was already receiver for the debenture holders, and for a time had acted as liquidator in the mistaken belief he had been appointed. Some of the allegations in the petition were vague and indefinite, said his Honour, and there was no proper evidence of any transaction requiring investigation which could not be equally well made in a voluntary wind-ing-up. Ho circumstance was disclosed calling for compulsory windingup. “It would aj>pear from the resolution passed that the majority of the shareholders are in favour of a voluntary winding-up,” added his Honour. “There is no evidence before the court that the general body of creditors or that the general body of contributories desire a compulsory order, and, as the petitioning creditors and contributories have not proved that their rights will be prejudiced by a voluntary winding-up, the petition is dismissed.”
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290611.2.122
Bibliographic details
Sun (Auckland), Volume III, Issue 686, 11 June 1929, Page 11
Word Count
322PETITION DISMISSED Sun (Auckland), Volume III, Issue 686, 11 June 1929, Page 11
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