BANKRUPT ESTATE

Gisborne Herald, Volume LXVI, Issue 20109, 1 December 1939, Page 10

BANKRUPT ESTATE

LATE WAIROA BUTCHER

DEBTS TOTAL £146/17/2

MAY BE PAID IN FULL

(Special to tiie Herald.)

WAIROA, this dav

"1 1 is estimated that it will take at least three years before the company accounts are finally wound up, and it is expected that the balance thus to come into the estate will be sufficient to pay the creditors In full." stated the official assignee, Mr, 11. Cl. Jamieson, at a meeting of creditors yesterday in the bankrupt deceased ( state of Arthur James Rachinger, a butcher, late of Wairoa. Mr. G de V. Robinson represented the executors. Mr. •!. M. Angus, the Cash and Carry Butchery, Limited, in liquidation, and Mr. C. V. Chamberlain, tV. 11. Brady, one cf the creditors. ,

The official assignee explained that Rachinger died on August 15 and probate of his will - was granted to his executors on August 23. The executors were Miss Thelma Margaret Rachinger, William Langley Torbett.

and G. do V. Robinson. At the time of his death he possessed in the way of assets furniture, 1499 shares in Cash and Carry Butchery, Limited, and other small assets including tiavellers cheques. The executors commenced realisation of the assets and sold the furniture and miscellaneous assets for a total of £l2B lls 4d. Piggery Debts It was discovered then, continued the official assignee, that considerable difficulty was likely to arise with certain debts which were, in fact, debts owing by the Cash and Carry Butchery, Limited. These were those debs connected with the piggery run by the company, but had been inci rred by Rachinger m his own name but as agent l'or the company. The Cash and Carry Butchery, Limited, was at present in liquidation and he had been informed that the liquidator expected that eventually he would be able to claim all that company's debts in full, and hand over to the shareholders a considerable balance. As Rachinger was the owner of all but one of the shares in the company, practically all of the balance would fall into his deceased estate. It was estimated that it would take at least three years before the company’s accounts were finally wound up and it was expected that fhe balance thus to come into the estate would be sufficient to pay file creditors in full. From present indications it did not appear that there would be any surplus for division among beneficiaries under the will. According to the financial statement, the amount owing to unsecured creditors was £146 17s 2d. made up aj follows:—Miss'Mary Burson, Wanganui, £l4 8s; Dr. Ulric Williams, Wanganui, £3l 10s: the Commissioner o: Taxes, £4 8s lid; Una Hill Consolidated Gold Mines, Limited, £8 ss; W H. Brady. £23 5s 9d; J. R. Gillespie, £4 15s; Dr. G. Hallwright, £lB 9s (id; G. de V. Robinson. £23 Is 2d; Wairoa Borough Council, £7; Wairoa Electric-Power Board, £6 10s lOd; Wairoa Star. Limited. 13s; and J. E. Svensen, £4 10s. For the Cash and Carry Butchery, Limited, Mr. Angus stated that lie estimated there would be a surplus of over £IOO from the company. The meeting was adjourned sine die.