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U: The names behind the action, the week to 5 June 2005, part 7

Click to see the rest of this week’s U column: Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7

Contents:

Law firm’s funds undertaking & arrival of the Irish keeps RSA alive

Online Resources beats off liquidation call, still has costs to pay

Prosperous Health Co dispute settled

Sherman Trucking wound up

IRD withdraws claim against Sita international web domain company

Stuart Renata Transport gets adjournment

Carbine Group wound up

Tomo Industries settling

Vertech settling

Names, connections, 2+2

The U column is mostly about the down side of business, court-ordered liquidations but also voluntary liquidations. To make reading of the columns more manageable, they will be cut into sections of about 100 lines, which print out to 3 pages.

New Auckland High Court associate judge David Abbott conducted the court liquidations list for the first time this week. Items from the liquidations court list, Thursday 2 June, appear in parts 5-7 of this week’s U column.

2 June 2005:

Adjourned hearing: Law firm’s funds undertaking & arrival of the Irish keeps RSA alive

Defendant: Newmarket Returned Services Club

Applicant: Inland Revenue

Adjournment date & time: Thursday 7 July at 10.45am, another final adjournment

Details: The club has been fighting off the IRD’s attempts to wind it up since last August, and survived this time through the written undertaking of its solicitors, Graham & Co, to provide $175,000 of finance and to have all its debts paid on 17 June, plus an indication that the Irish Society would start using the premises. IRD counsel Cyril Wood said the department was owed $177,700 after waiving $35,000 of penalties but wasn’t prepared to waive any more.

Dismissed: Online Resources beats off liquidation call, still has costs to pay

Court liquidation application, defendant: Online Resources Ltd

Directors: Fiona Waldin, Albany; Mark Mahony, who appeared for the company in court today, was appointed a director on Tuesday, 31 May

Applicant: Morning Star Trading Ltd

Directors’ other main interests: Morning Star continued to push for the payment of costs, arguing that Online Resources should be wound up on the basis of its non-payment. However, Associate Judge Abbott dismissed the liquidation application and told Morning Star’s lawyer to pursue its costs claim independently of this application. Mr Mahony is also a director of Web Holdings Ltd, replacing Ms Waldin in December 2003, and is a former director of Markets On-line Ltd. Ms Waldin incorporated a new company on 17 March, Eshop NZ Ltd.

Settlement: Prosperous Health Co dispute settled

Court liquidation application, defendant: Prosperous Health Co Ltd

Directors: Lynn Hyland

Applicant: Adele Bromley

Directors’ other main interests: The dispute was to have gone to a hearing after 25 July, but the application was struck out today. Ms Hyland formed a new company, Prosperous Health 2004 Ltd, on 12 October 2004. Ms Bromley resigned from the original Prosperous Health on 12 November 2003 and formed Zen Health Co Ltd 2 days later.

Court liquidation: Sherman Trucking wound up

Defendant: Sherman Trucking Ltd

Directors: Jason Sherman, Te Aroha

Applicant: TR Group Ltd

Liquidators: Malcolm Hollis (BDO Spicers Ltd)

Directors’ other main interests: The company was struck off the register in December 2004. Mr Sherman is also a director of Sherdolph Investments Ltd.

Withdrawn: IRD withdraws claim against Sita international web domain company

Court liquidation application, defendant: Sita Information Networking Computing BV

Directors: Francesco Violante, Geneva

Applicant: Inland Revenue

Directors’ other main interests: The company, set up in 2000 to operate the .aero internet domain name, is incorporated in the Netherlands, the director resident in Switzerland. Founding director John Watson, replaced by Mr Violante as director in 2003, was a former director of Qantas Airways Ltd. Sita is the acronym of the Société Internationale de Télécommunications Aéronautiques

Adjourned hearing: Stuart Renata Transport gets adjournment

Defendant: Stuart Renata Transport Ltd

Directors: Stuart Renata & Irene Henry, Manukau

Applicant: TR Group Ltd

Adjournment date & time: Thursday 7 July at 10.45am, for proof of service & advertising

Court liquidation: Carbine Group wound up

Defendant: The Carbine Group Ltd

Directors: Haare Williams

Applicant: Inland Revenue

Liquidators: Richard Agnew & Vivian Fatupaito (PWC)

Directors’ other main interests: Mr Williams is also a director of Toi Te Atatu Ltd (in statutory management).

Adjourned hearing: Tomo Industries settling

Defendant: Tomo Industries Ltd

Directors: Puaha & Hurihia Tomo

Applicant: Accident Compensation Corp

Adjournment date & time: Thursday 11 August at 10.45am, to complete settlement

Directors’ other main interests: Puata Tomo is a former director of Tainui Corp Ltd, Tainui Development Ltd & Waikato Raupatu Trustee Co Ltd.

Adjourned hearing: Vertech settling

Defendant: Vertech NZ Ltd

Directors: Timothy Shaffett

Applicant: Accident Compensation Corp

Adjournment date & time: Thursday 11 August at 10.45am, for settlement

Directors’ other main interests: Mr Shaffett is also a director of Extreme World Ltd, wound up in July 2001 and its business sold 2 months later.