INVOLVED BUSINESS

Evening Post, Volume CIX, Issue 117, 21 May 1925, Page 9

INVOLVED BUSINESS

MERCANTILE FIRM IN LIQUIDATION

SENSATION CREATED IN CHRISTCHURCH.

(XI TELEGRAFB—PRESS ASSOCIATION.)

CHRISTCIIDRCH, 20th Ms.v

The "Sun" to-niglit states that a sensation lias been caused in business circles in Ohristehurch through Kayc and Carter, Ltd;, a well-known firm of merchants and exporters, going into voluntary liquidation. The affairs of Kayo and Carter, Ltd., have been involved, and it is thought tho export operations in meat and wool and the drop in tho Homo market have caused the- trouble. From several aspects the failure is the most startling one in Cliristchuich for many years, and will affect many business concerns throughout tho Dominion. There was an informal meeting of a section of the unsecured creditors yesterday, their claims amounting to between £12,030 to £14,000, but it. adourned until to-morrow in order to secure greater representation.

Mr. Gavin Anderson, of London, a member of tho firm of Gilbert Anderson and Co., of London, which acted as London agents for Kayo and Carter, Ltd., mostly in meat operations, was present and stated that at a meeting of Kaye and Carter, Ltd., that morning, it had been decided that tho company should enter into somo form of voluntary liquidation. The whole situation is very complicated, many issues being involved, and at the moment an estimate of the financial position of the concern is impossible. Even tho question of an actual deficit seems an open one. One aspect is the relationship of the company to tho wool exporting concern, which involves further questions of guarantees to banks.

'J'he principals of the firm state that the position is brought about through the financing of a certain firm of wool exporters, and that owing to the serious decline, in the wool rmi-Voi., Urn facililiw feu- furthev qrcdits were withdrawn.