Wilson Neill lives on until April 4

By Nick Smith

Friday 8th March 2002

Wilson Neill Corporation is like one of those zombie horror film monsters - you just cannot kill it.

Creditors lined up yesterday in the High Court at Auckland to chop the head off the sharemarket villain but failed in the attempt.

Instead, the company, which has spawned more sequels than the Friday the 13th series, will stagger on until April 4.

Master John Faire adjourned the matter until that date after claim, counterclaim and counter-counterclaim were heard in the stuffy, airless but elegant courtroom No 3.

There was Progressive Enterprises subsidiary Caledonian Leasing, seeking to proceed with its application to wind up Wilson Neill, joined by Mark Stuart, director of failed internet company Yippee.

Caledonian is owed money by Wilson Neill's family restaurant chain, Cobb & Co, while Mr Stuart is owed money relating to the defendant's failure to buy Yippee.

Muddying the waters was law firm Chapman Tripp, appearing as a creditor in opposition to Caledonian's application.

Chapman Tripp used to act for Wilson Neill but ceased in that role in January, in what is understood to be a dispute over unpaid bills.

Wilson Neill was there, having now hired Queen's Counsel Bruce Stewart, who sought an adjournment because of settlement negotiations, despite the fact that a Caledonian spokesman insists there will be no deal and the company will proceed with its application.

Caledonian was ready to administer the last rites but accepted the adjournment suggested by Master Faire, prompting Mr Stuart to seek to replace Caledonian as applicant.

Master Faire did not grant the substitution. Other creditors waited in the wings.

Advertising agency Omni Group has also filed winding up papers and the matter was heard after The National Business Review's deadline.

Accounting firm Gosling Chapman is another seeking liquidation of Wilson Neill, as are Henry and Vera Dent over a debt owed by subsidiary South Pacific Hospitality.

Interestingly, despite ostensibly severing his connection with the company and no longer a major shareholder, Colin Herbert is listed as second defendant in the Dents' action.

The Gosling Chapman application is due to be heard on March 24, followed by the Dents on March 26.

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