VOLUNTARY LIQUIDATION.

Otago Witness, Issue 3764, 4 May 1926, Page 18

VOLUNTARY LIQUIDATION.

f?U; BLENHEIM CONCERN. BLENHEIM, April 28. The Marlborough Farmers’ Co-operative Motors (Ltd.), a big Blenheim concern with bran ‘hes* at Havelock, Nelson, and Seddon, has gene into voluntary liquidation-, this 6tep having been necessitated Josses incurred during the f- ror j, ISI 9 t o M 13 a that the company’s assets vvjj] reahse jr.-ore than sufficient to pay tne creditors 20s in the £, and the only losers will be the shareholders in the concern, whose claims will come up after all other liabilities have been met in full. The chairman of directors (Mr W. J. Girling, M.P.) presided, and an interim balance sheet was placed before the meeting, showing that the nominal capital was £50,000 in 50,000 £1 shares, and the subscribed capital £13,906, of which £4227 10s remains to be called up. The book assets were shown as £32,000, including uncalled capital, and the liabilities are estimated at rather under £32,000. The Chairman said the principal reason for the directors’ recommendation that the company be wound up was that its liabilities incurred during the years of the slump were eating un all the profits in interest charges, and there was no reasonable possibility of recouping these losses although la<=t vear's turnover was not less than £50,000.