BANKRUPT HOSTEL CO.

Auckland Star, Volume LVII, Issue 159, 7 July 1926, Page 8

BANKRUPT HOSTEL CO.

MEETING OF CREDITORS. A meeting of creditors in the estate of the Omilia Hostel, Ltd.. \v«s he'd to-day, I Mr. \Y. S. Fisher presiding. Mr. McArthur (Raeburn, McArtuur and Morris) appeared for the petitioning creditor, and Mr. Fallon for another creditor Mr. Fisher said an order of the Court was made on the Oth of June under the Companies Act, transferring the affair to the Oflicial Assignee in Bankruptcy. Under such circumstances he had not the usual information to lay before the meeting. He had, however, received a letter from Messrs. Rayburn, McArthur and Morris, solicitors, which gave the secured creditors at £167!), and unsecured approximately at £903 6/8. The assets showed the land and buildings were purchased by the company for £1500, and expenditure on it raised the total cost to £2187. Another £449 11/ was spent on furniture. The property had been taken over by the second mortgagee. There was uncalled capital totalling £36G, but as three of the shareholders could not be found, It was probable only £200 could be called up. There was also a bill of sale on the estate. Mr. McArthur said the position seemed to be that there were practically no assets, and liabilities to the extent of £1000. Mr. Fisher said the directors of "the company should be afforded an opportunity of being present before going further into the matter. So far the directors had not been notified of the meeting, notices being only sent to the creditors. If they adjourned the meeting and notified the directors of the date of the next one it would give them a chance to be present. The meeting was accordingly adjourned till Monday, July 26.