Vic: Investment spruiker faces creditors meeting

AAP General News (Australia)
02-18-2004
Vic: Investment spruiker faces creditors meeting

Melbourne get-rich-quick property spruiker HENRY KAYE will face a creditors' meeting
today which threatens to shut down his flagship company.

Creditors of the National Investment Institute will meet in Melbourne to vote on whether
to liquidate the company or approve a deed of company arrangement, allowing operations
to continue.

Today's meeting follows unsuccessful moves by Mr KAYE to obtain a federal court order
to have the meeting adjourned.

He was also unsuccessful in his bid to stop Real Estate Consumers Association president
DENISE BRAILEY from using about 500 proxies to vote for liquidation.

Administrator ANDREW HEWITT has told creditors it's in their best interests to to approve
the deed, which could see them receive between 25 to 40 cents in the dollar.

But Ms BRAILEY says many of the creditors don't believe they will get much money back
either way, and would rather see Mr KAYE in liquidation.





The meeting will be held at Telstra Dome from 11 am (AEDT).

AAP RTV clm/jas/rt

KEYWORD: KAYE (MELBOURNE)

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