Court liquidates financiers' companies
Christchurch financiers George and Hayden Jones have had a bad day in the High Court.
Three of their companies - Prudential Management Ltd, Matson's BWS Ltd and Matson Brewery NZ Ltd - were placed in liquidation by Associate Judge Rob Osborne yesterday on an application by Inland Revenue (IRD).
The father and son are directors and shareholders of the companies.
Counsel for IRD, Jess Bullock, told the court Matson had agreed to pay its tax debts when its business was sold but the money had not been paid.
The court had previously agreed to an adjournment of the petition because of the pending sale and expected payment, she said.
Counsel for another creditor, Christchurch Business Sales Ltd, said his client owed was money for a commission on the sale of the business.
The court heard the companies wanted more time to prepare accounts and then for further discussions to take place.
Judge Osborne said the companies had been "less attentive" than they should have been to their obligations.
Another company connected with the George (aka Thomas Alexander George Jones) and Hayden Jones - Prudential Capital Ltd - was placed in liquidation in April last year. The company had no assets and $327,451 of debts.