DEBTS OF A MARQUIS.

New Zealand Herald, Volume LXVIII, Issue 20768, 10 January 1931, Page 2 (Supplement)

DEBTS OF A MARQUIS.

TOTAL OF OVER £28(5,000-

£20,000 DUE TO MONEYLENDERS

WINE AND CIGARS AS ASSETS. Liabilities incurred through ,his, association with Hatry's financial undertakings were stated to he the cause of the insolvency of the Marquis of Winchester at a meeting of his creditors at Uio London Bankruptcy Court in •November. In the statement of affairs, liabilities were shown as £462,182, of which £286,663 is expected to rank, and assets, apart from bad book debts of £85,600, were valued at £1025, which is absorbed by preferential payments. The Official Receiver declared that the marquis was in the hands of professional moneylenders for £20,000 and indebted to tradesmen for £IOOO. "His settled estate, in which ho had only a Jife interest, was at present on mortgage to its full value, but there would be relief by ccitain endownment policies on his life which fell due in 1930 and 1931. The marquis had practically no free assets with the exception of £SOO £1 shares in accompany, and a car, which might realise £3OO. He had handed over the key of his cellar at Portland Place, which contained a quantity of wines and cigars in a locked cabinet. The marquis was 68 years old and had been living at a chateau on the Sornme for the past nine years, arid since January, 1927, also at Portland Place, W. -At the address at Portland Place (lie landlord was in possession. The position of "the marquis was the same as at the date of a previous receiving order made in November of .1929, save

that he had retired as director from all the companies in which he was interested, with a few exceptions. His shareholdings in those companies were held cither by the bank or by another person. Ho was not in the position to make any offer to his creditors and consented to an .adjudica-

tion. The marquis became . associated with Hatry in 1926 and became chairman of the Corporation and General Securities (Ltd.), and later chairman also of the Drapery Trust, Limited, the Oak Investment Corporation, Limited, and the Retail Trade Securities, Limited. The marquis attributed his insolvency to liabilities incurred on behalf of .the Austin Friars Trust, and had explained that his present position was due to: Raising large sums of money for that Trust, which was controlled by Hatry, the shares of which were not and never had been of any value, and securities handed to him by Hatry, and in respect of which claims were being made against by third parties to the extent of between £200,000 and £300.000. The meeting decided to appoint joint trustees to administer the estate in bankruptcy. The Official Receiver remarked that he was afraid that there would not be much in it. ' A creditor: They can share the bond. (Trustees' Fidelity bond). The Official Receiver: They may share the wines. "

Mr. Ernest Simmons, for the marquis, said lie understood that the assets might be claimed by other people.