Company In Liquidation Has Debts Of £10,114

Press, Volume CVI, Issue 31335, 4 April 1967, Page 18

Company In Liquidation Has Debts Of £10,114

The affairs of a Christchurch company, the financial transactions of which were dealt with by a public accountant acting as its secretary, were discussed at a meeting of creditors, of E. A Wilson, Ltd., before the Official Assignee (Mr T. A F. Withers) yesterday. The company is in liquidation under a Supreme Court order of March 8, sought by Farmers’ Finance, Ltd. It had been engaged in woolbroking and the hire-purchase sale of knitting machines. The Official Assignee was appointed liquidator under the Court order. A statement of affairs of the company revealed liabilities of £9147 9s 9d, and assets of £1032 13s, leaving a deficit owing to creditors of £Bll4 16s 9d. With £2OOO of paid-up capital, the total deficit of the company is £10,114 16s 9d. The accountant, who acted as secretary of the company, was Mr E. J. Murray. At the

time he was a partner in the firm of Perry, Woodham, Davies and Murray. The partnership was dissolved at the end of 1965.

In reply to questions from the Official Assignee, Mr E. A Wilson said he had no idea where the money bad gone. He was a practical man, and had left all financial matters in the hands of his accountant The state of the company’s affairs had been “a bombshell” to him. The meeting closed after the passing of motions that no private liquidator be appointed in place of the Official Assignee, and that no application be made to the Court for a committee of inspection. It was decided the latter was not needed, as most assets had been realised.