AAP General News (Australia)
02-19-2004
Vic: Creditors vote to wind up Kaye flagship company
Creditors have voted to liquidate the flagship company of Melbourne property spruiker HENRY KAYE.
Creditors of National Investment Institute met in Melbourne yesterday to vote on whether
to liquidate the company or approve a deed of company arrangement, allowing operations
to continue.
The creditors went against the advice of the administrator ANDREW HEWITT by putting
the company out of business.
Mr HEWITT had said it was in their best interests to approve the deed, which could
see them receive between 25 to 40 cents in the dollar.
In a marathon six-hour meeting, the room was almost evenly divided -- with just three
votes eventually deciding to reject the deed of company arrangement.
AAP RTV mf/kp/jas/wz/rt
KEYWORD: KAYE (MELBOURNE)
2004 AAP Information Services Pty Limited (AAP) or its Licensors.
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