TRUST LIQUIDATION

Taranaki Daily News, 11 April 1935, Page 5

TRUST LIQUIDATION

LEGISLATION APPROVED

NEW SOUTH WALES ACTION

ADDRESSES BY COUNSEL

• VALUE OF THE» ASSETS

By Telegraph—Press Assn.—Copyright. Rec. 12.55 a.m. Sydney, April 10. The New South Wales Legislative Council passed the Trust Companies Liquidation Bill, after postponing the clause providing for the disqualification of five persons for ten years from acting as directors, applying to certain companies which were the subject of the recent Royal Commission. Dr. F. Louat, barrister, addressed the House on behalf of a section of deben-ture-holders of the Southern British National Trust, Ltd., which is to be liquidated. He asked for the right to carry on and be given control of the assets. He said the ballot had revealed that de-benture-holders were opposed .to control by the Public Trustee. He added that the assets of the trust ranged from 16s 6d. in the £1 to 19s Id, according to the valuation of the trust building. Mr. Manning, Attorney-General, said he was staggered by some of the arguments of Dr. Louat. The Royal Commission (Mr. Justice Haise-Rogers) had unequivocally denounced the plan of the reconstruction which was inspired by McArthur. Moreover expert opinion favoured liquidation, while the debentureholders represented by Dr. Louat comprised only one-third of the people concerned,

Mr. Manning emphasised that as there would be proceedings before the Courts with respect to the liquidation, the Government regarded it wise to allow the clause about disqualification of certain persons to remain over until after the liquidation. ' x z -