BOTTOMLEY BANKRUPTCY.

Stratford Evening Post, Volume XXXII, Issue 43, 15 February 1912, Page 3

BOTTOMLEY BANKRUPTCY.

London, December 29. Air Horatio Bottomley, ALP., is now in the London Bankruptcy Com t on liis own petition. He estimates his debts ,at £170,000, but proofs have been received for £220,090. He estimates his assets at £-10,000, but the Official lleceiver thinks this too high a sum. ,

Hr E. L. Hough, Senior Official Receiver, opened yesterday’s meeting of creditors by remarking that no complete statement of affairs had yet been lodged. The debtor was editor of the newspaper “John Bull,” and he stated that he received by way ,of remuneration a salary of £2OOO a year, and was also entitled to a commission of 10 per cent on the net profits. This, ho said, should amount to about a further £4OOO a year, making altogether something like £6OOO a year. The debtor hold a number of shares in the company. Ho was also editor and chairman of directors of “Mrs Bull, Ltd.” This company was only formed at the end of 1910 and he was told the first year’s accounts had not yet been got out. The debtor’s remuneration as editor of the paper was 25 i>er cent of the net profits, and he held both preference and ordinary shares in the company. With regard to the assets, debtor said he had a number of shares in “John Bull, Jjtd.,” and “Mrs Bull.” Northern Terrors.” The debtor had also a large holding in the John Bull Trust and Investment Agency, Ltd. No value was placed on these shares/ The debtor had also something which he termed Northern Territory Interests. Regarding those there were at present no particulars'. The debtor, however, placed a value of £20,000 on them. Altogether he made the added value of his assets £46,000 or £47,000. “In my view,” says the Receiver, “those assets must, at present, at all events, be regarded as of very doubtful realisable value, despite the debtor’s view of their value.” There were other properties—assets in which the debtor was interested, but from which nothing was expected to come. There were various policies on his life—six or seven in all—but they were encumbered beyond their surrender value. There was also a policy for £2OOO held under the Married AVomen’s Property Act by Mrs’ Bottomley. Then with regard to the debtor’s residence, The Dicker, Hailsham. Sussex, that had, been settled eight or nine years ago on the debtor’s daughter and lief* issue, subject to a life interest to Airs Bottomley and ■himself. It included a mansion house, a stud farm, several hundred acres, and the greater part of the village of Upper Dicker. That estate was subject •to a mortgage of about £24,Q00i As to I the household furniture', the sheriff had been,in possession at the suit of an execution creditor, but the qiiestion might bo raised as to whether' the whole of the furniture was covered by the settlement. Some small portion m%ht be realised for the benefit of the creditors. .“The debtor at one time had a considerable number of racehorses, but lie said that about a, couple of years ago he had disposed of about twenty of them to his son-in-law, and he said he now owned only about three racehorses, which were with his trainer, who had a lien for keep, which was said to exceed the value of the horses. About three years ago ho sold the stud farm and stock to Airs Todd for about £3OOO. The stud now consisted of about twenty animals. It was claimed by that lady, but the question might arise as to whether it might belong to her or to the debtor. Debts Under-estimated. “The debtor made his total indebtedness as expected to rank at £17,000, Of that sum about £130,000 was due to creditors who held no securities at all, and about* £37,000 to creditors whose securities were deficient in value to that extent.

“But in my view the total of rank ing indebtedness is under-estimated. Proofs for debts already lodged against the estate amount to about £213,000, and from the casual glance I have had of the draft schedules of Bottom ley, I isce that there are included in these 'schedules a number of liabilities in respect of which proof's have not yet been lodged. in May. 1910, a 'receiving order made against the debtor, and the liabilities were estimated at about £00,000.” Mr Bottomley— I That was on my own petition.

Mr Hough agreed, and, proceeding, said thaifc a scheme of arrangement was sanctioned by the Court, and the receiving order was rescinded. Debtor did not admit now that he was insolvent.

The meeting was adjourned for a month, mid Mr Bottomlcy said lie would confer with his bona fide creditors, and endeavour to frame such a. •scheme as would be acceptable to them and for their benefit. Mr Bell—Have any tangible assets been disclosed—cash at bank or any removable assets?

Mr Bottomlcy—Your profession took good care to see itn that. ( Mr Bell-—Perhaps it was out of the jurisdiction. The Receiver-—Mr Bot'tomley, you drew that on yourself. Mr Bottomlcy—T u(a.s trying to draw Mr Bell. '

Proofs of debt include: Mrs K. F Curtis, £50,876; G. Davis and Sons £21,000; William Carter’s executors £22,910; IT. T. Bntron, £20,000; G

F. Rowe, £12,879; John Bull, Ltd., £12,300; Oldhams, Ltd., £1073; Charing Cross Bank trustees, £9199; 0. R. Holroyd, -£4500; Jones and Hare, £6406; Prudential Assurance _Oo., £lO6l. The claim in respect of Mrs Curtis vtis lodged by Mr Dade, who produced a judgment of the High Court.