IN VOLUNTARY LIQUIDATION.

Hawera Star, Volume XLV, 21 May 1925, Page 5

IN VOLUNTARY LIQUIDATION.

AFFAIRS OF A CHRISTCHURCH FIRM. (BY TELEGRAPH VB-ESS ASSOCIATION.) CHRISTCHURCH, May 20. The Sun to-night states that a sensation has been caused in business circles in Christchurch through Kaye and Carter, Ltd., a well-known firm of merchants and exporters, going into voluntary liquidation. The affairs of Kaye and Carter, Ltd., have been involved, it is thought, in export operations in meat and wool, the drop in the Home market causing the trouble. From several aspects the failure is the most startling ip Christchurch for many years, affecting many business concerns throughout the Dominion. There was an informal meeting of a section of the unsecured creditors yesterday, their claims amounting to between £12,000 and £14,000, but it was adjourned until to-morrow in order to secure greater representation. Mr Gavin Anderson, of London, a member of the-firm of Gilbert, Anderson and Go., of London, which acted as, London agents for Kaye and Carter, Ltd., mostly in meat operations, was present,' and stated that the meeting of Kaye and Carter, Ltd., that morning had decided that the company should enter into 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 the question of an actual deficit seems an open one. One aspect is the relationship of the company to a wool exporting concern, which involves further questions of guarantees to banks. The 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firm of wool exporters, and that owing to the serious decline in the wool market facilities for further credits were withdrawn.