ASSETS OF STANHILL

Press, Volume CII, Issue 30106, 15 April 1963, Page 14

ASSETS OF STANHILL

Deb. Holders Could Be Paid

(N .Z..P .A.-Reuter—Copyright)

MELBOURNE. April 13.

A statement of affairs presented by the directors of Stanhill Consolidated, Limited —referring to the holding company only—shows total estimated realisable assets of £6,236,573. But the company’s receivers, Mr P. D. George and Mr A. W. Ogilvy, say that after making adjustments to the estimated realisable value made by the directors, total realisable assets are £99,727 This means in effect that shareholders and unsecured creditors in Stanhill Consolidated. Ltd. will get nothing, but that debenture holders could be paid in full. The directors’ estimate included £5,744,293 due from sundry debtors and shown at book value. The company’s receivers say that in their opinion, a very small proportion of these debts will be receivable by the company. From the total realisable value stated by the receivers, preferred creditors ranking ahead of the debentures, require £6047. £366,097 Deficiency This leaves £93,680 to meet an amount of £459,777 owing under debenture charges—a deficiency of £366.097. Included in the directors’ statement of affairs are other debtors shown at a cost for book value of £1,218,294 and having an estimated realisable value of £397,856. This value included £340,874 to be received from Chevron Proprietary, Limited. However, this £340,874 is dependent on the assets of Chevron Proprietary, Ltd. realising the directors’ expectations. Chevron Proprietary, Ltd. was linked with the parent company in a floating charge given under the trust deed for the debenture in 1955 when these were the only two companies in the group. This means that the deficiency of £366.097 in Stanhill Consolidated, Ltd. must be recouped from assets of Chevron Proprietary, Ltd. The directors’ statement of affairs for Chevron Proprietary, Ltd. shows net estimated realisable assets of £959.335. The receivers estimate of this surplus is £429.335. based on estate agents' estimates of current realisable value, from which preferred creditors ranking ahead of debentures require £8673.

This leaves, in the opinion of directors, £950.662 to cover the Stanhill Consolidated. Ltd. deficiency of £366,097. However, the receivers estimate this surplus as £420 662.