FIRM IN LIQUIDATION.

Auckland Star, Volume LXIII, Issue 98, 27 April 1932, Page 4

FIRM IN LIQUIDATION.

LEONARD AND SONS. DAIRY COMPANIES' POSITION. (By Telegraph.—Special to "Star.") HAMILTON, this day. A number of dairy companies in various parts of the Auckland province are concerned in the affairs of Messrs. Leonard and Son, Ltd., a firm with an extensive dairy connection, which has just gone into" liquidation. Amongst the companies which have been mentioned in this connection are the following:— Morrinsville, Te Awamutu, Hinuera, Whangarei, Raglan, Tatua, Kakepuku and Hikurangi. A statement of the affairs of Leonard and Sons shows that of outside liabilities totalling £19,500, the sum of £9784 is due to dairy companies. This includes about £4000 'to the Morrinsville and £2600 to the Te Awamutu companies. Apart from these the chief liability is an amount of £7000 due at call to an Auckland public company. Assets are nominally assessed at £24,164, including an item of £5000 for goodwill. The bulk of the assets consist of loans in one form or another to individual members of the firm. Apart from these all the liquidator has to realise upon are:—Plant and furniture £332. motor cars and van £425. stock on hand £264, sundry debtors £1432. It is understood that negotiations are in progress on behalf of the dairy companies concerned whereby the principal for whom Messrs. Leonard and Son have acted as agents, Mr. A. C. Rowson, London, will indemnify them against ultimate loss under certain conditions and provided he retains the existing business connection over a term of years. A committee representing the principal creditors has been appointed to act with the liquidator in investigating the company's affairs.