CHRISTCHURCH WHOLESALE CLUB.

Otago Witness, Issue 2983, 17 May 1911, Page 10

CHRISTCHURCH WHOLESALE CLUB.

A BRIEF CAREER. CHRIST CHURCH, May 9. The Christchurch Wholesale Club, the flotation of which into a limited liability company created a great deal of interest and controversy some time ago, has closed its doors. The subscription of the share capital was comparatively small, and the company issued debentures for £3OOO to enable them to carry on, and last week the debenture-holders entered into possession. The debts are said to amount to £14,000, whilst the directors value the stock at £IO,OOO, and there is a certain amount of uncalled capital as r additional assets. The club closed down yesterday. The debenture-holders have been in possession for about a week, and the creditors aTe taking combined action to protect their interests. At a meeting of creditors a few days ago a statement was submitted showing liabilities to the amount of £13,919, not including goods in bond, which were valued at £3OOO. The assets comprised the stock, valued at £IO,OOO, and fittings, £2200. The uncalled capital is £6500. An adjourned meeting of the creditors' committee was held yesterday afternoon, when it was thought some offer might be received for the club as a going concern. No such offer, however, was forthcoming. No other feasible, scheme for carrying on being brought forward, and the debenture-holders being still in possession, it was decided that tho premises should be closed and the stock put up for tender. MEETING OF CREDITORS. CHRISTCHURCH, May 11. An informal meeting of creditors of the Wholesale Club was held this morning. A number of creditors were present, and the proceedings were conducted in private. It is understood that after some discussion it was decided that the company should go into liquidation. From the figures submitted to the meeting it would appear that the dividend that will be available for the unsecured creditors will be a slender one. It is stated that a good deal of indignation was expressed by several creditors, and it is considered probable that interesting developments may arise in the near future.