NO ASSETS.
—9 FAILURE OF COMPANY. SERIOUS ALLEGATIONS. 8Y CABLE—PRESS ASSOCIATION—COPYRIGHT LONDON, July 9. Astounding relevations were made at a meeting of creditors of the shareholders of the Anglo-Burma Oil Company, Limited. The official receiver stated that; the total deficiencv -with regard to shareholders was £516,372. The whole of •the company’s capital of £500,000 had been lost, the directors having parted with shares to that value in exchange for £I7OO in cash and a number of shares, which were practically worthless. So far as the receiyer could see, the company never had any assets. It would appear simply to "have been a device to extract money from the public. The directors were largely responsible for the failure. They had 'not properly exercised the functions entrusted to them. Unless it was possible to obtain money by proceedings against the parties liable there was no prospect of anything being recovered.
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https://paperspast.natlib.govt.nz/newspapers/HAWST19240711.2.31
Bibliographic details
Hawera Star, Volume XLVIII, 11 July 1924, Page 5
Word Count
148NO ASSETS. Hawera Star, Volume XLVIII, 11 July 1924, Page 5
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