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Maina Traders avoids winding-up petition

Wednesday 1 April 2009 | Published in National


Wednesday 1: The petition to the high court for the wind-up of Aitutaki MP and associate finance minister Terepai Maoate Jnr’s business Maina Traders is set to be withdrawn following payment of the amount owing to one of its creditors.

The petition was filed by Raro Aircon Ltd on March 19 and was due to be heard on April 9.

Lawyer Charles Little acting on behalf of Raro Aircon said yesterday that the debt owed by Maina Traders had been paid to his client and that the petition would be withdrawn.

Other creditors of the company had come forward to join the petition after a notice had been published in Cook Islands News last week.

The petition followed widespread rumour that Maoate’s Aitutaki business interests are facing growing debt problems.

On Monday Maina Traders co-owner Paula Maoate emailed some of the company’s creditors assuring them that they would be paid despite the rumours and to stop panic that might occur from the petition notice.

She said Maina Traders had been partly at fault for not paying the Raro Aircon bill of $3466.70, but claimed it had not been brought to her attention that the amount was still owing until the wind-up petition notice was received.

She told creditors that the emailed letter was to confirm that Maina Traders is not winding up but will continue to operate. - Helen Greig