DEFICIENCY OF £685

Press, Volume XCVIII, Issue 29004, 19 September 1959, Page 15

DEFICIENCY OF £685

Liquidation Of Company

The Official Assignee (Mr E. G. Tyler) was appointed liquidator of the Warwick Press and Company, Ltd., by a meeting of the company’s creditors yesterday. The deficiency shown in the company’s statement of affairs was £685 On September 8 the company passed a resolution for voluntary winding up. “There are very few books and very little we know about it,” said Mr Tyler, giving the statement of the company’s affairs The assets appeared to be a printing machne valued at £6OO and over which a creditor had a security of £330, leaving £270, electric installation and motor valued at £35, and type valued at £2. Book debts were shown as £466, but they were estimated to produce only £25. That made the value of the assets £332. The liabilities were 100 shares at £1 each, sales tax owing £75 and unsecured creditors £842. That left a deficiency of £685. Mr Tyler said that Warwick Press and Company, Ltd., was incorporated on May 19, 1958. Of the 100 shares 98 were held by Russell Herbert Mantell, now a banrkiupt, and whose shares had passed to the Official Assignee. Two shares were held by Mrs Mantell. He and his staff had done their best to sell the shares and a syndicate had been interested, but because of the unsatisfactory state of the books the syndicate did not buy. "No proper records have been kept. We have been able to make out a list of debts and creditors from accounts which have come in. Mantell has charged up fof work when contracts were signed, but he has not even attempted the work in some instances,” said Mr Tyler. “What we can see as the cause of the failure of the company was Mantell’s get-rich-quick attitude Instead of getting on with the printing business he started puzzle ads and other stunts that brought him in money quickly. The failure of Warwick Press was due to neglect of the' business. Apparently the business was there, but Mantell took up these sidelines. The meeting then appointed the Official Assignee liquidator for the purpose of winding up the company and distributing the assets. Payment to Creditors “On the figures before us today there will be very little for the unsecured creditors. It all depends on the sale of the printing machine,” said Mr Tyler. Mantel! was questioned about his printing business and about his conducting the National Advertising and Publicity Services Company "Why did you take those contracts in the name of National Advertising instead of in the name at Warwick Press?” 1 said Mr Tyler. Mantell said he just wanted to put the printing through Warwick Press and have the advertising as a separate business so that he could gauge the profit on ti>e actual printing. n , reply to a creditor, Mantell utid he had run Warwick Press for about 12 months before forming .it into a limited liability “Warwick Press is shown as having « turnover of £6OO in February. 1W». What did you do with it? You, banked £37 Cm February 28 and £37 on March ». These are the bankings showaj in the bank statement,” said Mr