More Financial Revelations.
(FEE PSESB ASSOCIATION). Sydney, January 7. The liquidators' report on the Land Company of Australasia states nearly all the Co.'s assets were mortgaged at the date of the resolution to wind up. In the opinion of the liquidators the whole of the uncalled capital, in addition to the proceeds of the free assets, will not be sufficient to meet the liabilities. Until the result of the call in England and attendant expenses is known it will be impossible to say whether there will be any surplus for the unsecured creditors. The principal cause of the downfall of the Company was over-trading. If the Company had confined their attention to buying properties and paying for them right out there would have been no reasons why the creditors and the company should have lost more than interest on the money. Flagrant instances of mismanagement were revealed. In course of the liquidation reBCAEches over the Melbourne properties the company lost, in one instance, through speculation by one director in mining property.
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Bibliographic details
Feilding Star, Volume XVI, Issue 161, 7 January 1895, Page 2
Word Count
171More Financial Revelations. Feilding Star, Volume XVI, Issue 161, 7 January 1895, Page 2
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