STAR STORES

Otago Daily Times, Issue 22738, 26 November 1935, Page 4

STAR STORES

MEETINGS OF CREDITORS LIQUIDATORS APPOINTED A meeting of creditors in the case of Star Stores, Ltd. (in liquidation), was held yesterday morning, the official assignee (Mr J. M. Adam) presiding. Before the business of the meeting was commenced, Mr Adam stated that a meeting of contributories had been called, but there had been no quorum, and it was physically impossible that there could be unless someone could produce Oswald M. Smith. There were just two contributories —0. M. Smith and Co., Ltd. (in liquidation), and Oswald M. Smith — who were the holders of all the shares. The meeting had, therefore, been adjourned for a week. A summary of the statement of the affairs of the company showed that the liabilities amounted to £18,301 18s 2d. The sum owing to unsecured creditors was £10,301 18s 2d. Of this amount, £15,508 17s Id was owing to O. M. Smith and Co., Ltd., and £793 Is Id was owing to 27 other creditors. Of the latter sum, £547 8s Cd was owing to A. H. Turnbull

and Co. AVith the exception of a sum of £SB 10s owing to F. Mason and Co. (London), none of the other amounts reached £3O. > •' Other liabilities consisted of 4000 shares of £1 each (10s paid) in Star Stores (Timaru), Ltd., also in liquidation, this amounting to £2OOO. The assets were as follows: —Bank of New Zealand current account, £2lO (Is Id; fixed deposit, £0000; accrued interest, £3l 13s. In addition, book debts were estimated to produce £47 7s 2d. A deficiency was left of £12,072 lis lid. The sum owing to fully secured creditors was £1577 10s lid, and the estimated value of the security was £ISOO to £I7OO. The statement of contributories showed that O. M.' Smith and Co., Ltd. (in liquidation), held 4999 £1 founders' shares, issued as fully paid up. O. M. Smith and Co., Ltd.' (in liquidation), held 5000 £1 ordinary shares issued as fully paid up, and Oswald M. Smith held one ordinary £1 share issued as fully paid up. Mr Adam said that the purpose of the meeting was to decide whether an application should be made to the court to appoint a liquidator in place of the official assignee. An application must then be made to the court for the appointment of the liquidator. Mr A. Watson moved that application be made to the court that Mr G. W. Reid be appointed to act as liquidator. The motion was carried without dissent. Mi* Reid moved that application be made to the court for the appointment of a committee of inspection, the committee to consist of Messrs W. R. Brown, Stanley Smith and A. Watson, and this was carried. STAR STORES (TIMARU), LTD. A meeting of creditors in the case of Star Stores (Timaru), Ltd. (in liquidation), was held in the afternoon before the official assignee (Mr J. M. Adam). A meeting of contributories which had been called for the afternoon was adjourned for one week, Mr Adam stating that a quorum was not present. The summary of the statement of affairs showed that the amount owing to

unsecured creditors was £5646 4s 9d. Of this amount £5583 4s lid was owing to O, M. Smith and Co., Ltd., and £O2 19s lOd to three others. The assets were as follows: —Bank of New Zealand current account, £2l 9s 8d; fixed deposit, £1750; accrued interest, £9 4s 7d. Book debts were estimated to produce £l4 7s lOd. The deficiency was £3851 2s Bd. The statement of contributories showed that 0. M. Smith held one share of a nominal amount of £1 on which 5s had been called up. O. M. Smith and Co., Ltd. (in liquidation), held 499 shares of a nominal amount of £l, on which 5s per share had been called up, and 500 shares of a nominal amount of £1 on which Ss per share had been called up. Star Stores, Ltd. (in liquidation), held 4000 shares of a nominal amount of £1 on which 10s per share had been called up. On the motion of Mr G. W. Reid it was decided to make application to the court to appoint Mr L. M. Satterthwaite liquidator in place of the official assignee. It. was decided to make application to the court that a committee of inspection should be appointed, to consist of Messrs G. W. Reid and L. D. Johnson.