A WINDING-UP

Wanganui Chronicle, Volume LXXXIII, Issue 20104, 24 March 1928, Page 8

A WINDING-UP

BANKRUPT ESTATE late w. e. McCarthy’s affairs A meeting of creditors under the Administration Act 1908, in. the bankrupt estate of William Edward McCarthy, deceased, was adjourned sine die yesterday when representatives of only two claimants attended at the. office of the Deputy Official Assignee, Mr E. AL Silk. Those present were Air H. Al. Keesing representing Air J. E. Beckett and Air W. J. Robertson representing Air L. Sheriff. The estate showed unsecured creditors’ claims totalling £2628 6s 7d, secured creditors £l4OO less estimated value of securities £l4OO, stock-in-trade £250, book debts £lB5 6s 3d, estimated to produce £120; cash at bank £1152 6s lid, plant and fittings £125. Debts therefore totalled £2628 6s 7d and assets £1647 6s lid, leaving a deficiency of £9BO 19s Bd.

A report from Air E. Osboldstone who had been appointed to carry on the business of deceased, stated that after Air McCarthy’s death it had been decided that the best course was to open the shop and endeavour to hold the business together -with a view to selling out as a going concern. Developments, hOAvever, made this impossible and steps were taken to have the estate administered under the Act. Stock realised 16s 6d in the £ over ami above expenses. The lease of the Victoria Avenue shop had years to run at £9 a week plus rates and insurance and it was not possible to toll what the dividend in the estate was likely to be until the position in regard to this lease was determined. During the course of an informal discussion the D.O.A. said there were tw.o freehold properties, one in Liverpool Street and the other at Castlecliff, but there did not appear to be anything in these for the creditors.

ATr Keesing raised 1 lie question of stock put into the Victoria Avenue shop after Air AfcCarthy’s death, but the D.O.A. pointed out that good work had been done in realising 16s 6d in the £ over and above the rent of £9, plus wages.

The D.O.A. said that the only thing to do was to wind-up the estate. It looked as though the creditors would get something over 10s in the £.