MARQUIS BANKRUPT

Hokitika Guardian, 20 November 1930, Page 5

MARQUIS BANKRUPT

DUE TO HATRY FRAUDS

iGmuxl Press Association —Hy Jtiectrn i elegi aph—Copyright t;.

(Received this day at 11.30 a.m,) *» LONDON, Nov. IP.

Liabilities due to ins association with Hatry Companies is stated to he the cause of tn©' Insolvency of the Marquis of Winchester. The liabilities total £462,000 and there is expected to be £286,000 in assets.

The Official Receiver rsaid Winchester became associated with Hatry in 1926. He was chairman of four companies and attributed his insolvency to liabilities incurred on behalf of Austin Friars. He raised large sums therefore, although the shares had always been valueless. Afso third parties, including the banks, were claiming between 200 and 300 thousand on securities which Hatry. handed him. Winchester also borrowed £20,000 from money lenders. He owed a tradesman £IOO,OOO and was also liable for Stock Exchange transactions to the extent of £70,000.

His assets were £qoo in shares and a motor car worth £3OO. Endowment policies were due to ;be shortly settled ill an estate in which he lias a life interest. He already had mortgaged his income from directorships which have been £B,OOO. His expenditure averaged four to five thousand yearly.