HORATIO BOTTOMLEY

Evening Post, Volume CIX, Issue 125, 30 May 1930, Page 7

HORATIO BOTTOMLEY

FINANCIAL AFFAIES

REASONS FOR BANKRUPTCY

(From "The Post's" Representative.) LONDON, 24th April. Mr. Horatio Bottomley attended the London Bankruptcy Court last week, and was examined by Mr. Registrar Warmington. He was described as a journalist, of Grosvenor Garden, S.TV. His amended statement o£ affairs showed liabilities of £116,709, of which. £55,899 were unsecured, and estimated assets of £1000, apart from two book debts of the face value of £11,500, the realisable value of which was very uncertain. Of the liabilities £109,084 were returned as due to the trustee in the 1922 bankruptcy proceedings, being in respect of the unsatisfactory balance of debts according to the proof of debt. . Questioned by Mr. Waterer, the DeputyOfficial Receiver, Mr. Bottomley said that he had failed on three previous occasions, but on the first two the receiving orders were rescinded, ana the adjudications were annulled, the debts being paid in full. Regarding the third occasion, he said that he had been engaged as editor and editorial adviser, and he was adjudged bankrupt on 4th August, 1922. He was told that his ranking liabilities then were £90,000 odd, and his assets £28,928. LOST MONEY ON BOOKS. Mr. Bottomley said that his examination on that occasion was not technically concluded, and. he was not in a position to apply for his discharge. He came out of Maidstone Gaol in July, 1927, and began as a free-lance journalist, earning in that way up to March, 1928, about £12,000. .Out of that sum he paid to the trustee in the 1922 failure a sum of £3260 under arrangement with the Court. He also published two books. Mr. Waterer: "What were they?" Mr. Bottomley: "Songs of the Soul," and the other had a somewhat unique title, "Humours of Prison Life." I lost money over them —approximately a few hundred pounds. During 1928 and 1929, added Mr. Bottomley, he obtained about £5000 from various newspapers for libel. He also obtained judgment against Mr. H. J. Houston for £1500 in a libel action, but had received nothing. . In 1928 he registered a private company, the Phoenix Press Company, to run a new weekly journal, "John Blunt." As promoter various shares were allotted to him under the registered agreement. He also became editor of the company's" periodicals, his salary being contingent qu profits, but no profits were made. Certain of the shares were allotted to nominees. From time to time he financed the company out of his journalistic earnings and libel damages. The company had insufficient working capital to be a success, and in October, 1929, an order was made for its compulsory ■winding up. At that date the company's books showed that it owed him about £15,000. "MUST LOOK INTO MATTER." On certain figures being put to him by the Deputy-Official Receiver, Mr. Bottomley said that if these were correct they would seem to show that he had had out of the conipany about as much as he had put into it, and that all that he had lost was £1250. ' "But," he added, "£1250 in these,days is something to me." . He did not say, however, that the figures put by the. Deputy-Official Eeceiver were correct. He was not responsible for them, and had not checked them. He (Mr. Bottomley) would have to investigate tha matter. He had since remembered some things and that he had paid considerable sums back to people who said that they had suffered over the Victory Bond Club. He also spent money in restoring things on his wife's estate when he returned home. Mr. Waterer: "Do you agree that you. .will have to find a new reason for your insolvency" . , ' Mr. Bottomley said that he must look into the matter. Considerable sums wera ■paid to him direct for shares-in the Phoneix Press. ■ : ': ,• On the Deputy-Official Receivers application, the examination was adjourned until 21st May." ■■'~■■_ Mr. r Bottomeey: "In the meantime I will amend my deficiency account- after consulting the Official Receiver and the companies •• in liquidation." ' „ Mr. Registrar Warmington: ' x es. You want to find out how much the Phoenix Press owes you." ..':'-,