Sa.
G.B. Labrum
Să.
A.G. Grmthan
2.M.
148
2.69
2.70
P.71
I am Official Receiver and
8. Edward Dewis Agasaiz gwn.
liquidator of Instone Banking Corporation. Winding up order
made 10.6.29; since then I have off and on been investigating
affairs of bank. I called in Mr. Ross to assist me.
I am not an accountant. I had investigated some of books of
Co. in particular Head Office ledger, shareholder ledger, Co.'s
cash book, Head Office loans & investments, and Co.'s minute
book. I looked up entries referring to Issued & Pubscribed
Capital. I found that of this $1,133,000 capital had never
been alloted. In arriving at that conclusion I considered Ex.J.
It struct me they hadn't been properly completed. From books
it didn't appear that any cash had been received with these
applications. As it was provided by Co's Articles that 5 was
payable on application in cash, and it did not appear from books
that anything had been paid on application I concluded that
these applications were bad. I also found that a transfer had
been made from Capital Account of Co. to allotments Suspense
Account on about 23.11.27 of $923,000. Other items making up
this amount ($1,133,000) were all transferred to Allotment
Suspense Account before date of balance sheet, and that amounts
that had been previously debited to shareholders had been
re-credited to them. On 9.7.27 Allotment Return in Ex. A was
filed. I found none of these shareholders were included in the
Statement of affairs was sworn before me by Mr. Brewer
on 2.7.29. That in in Ex.C. Page 2 of that statement is
return.
headed As regards Contributors'.
of share capital.
That contains a stat ene nt
There is no reference to $1,133,000 capital. List K of same
statement contains a summary of Capital Incalled & Unpaid.
In that summary unpaid calls on that $1,133,000 is not included.
There is only one name there same Siu Kou Cha, is shown in list
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