H
250
4
LIST OF CREDITORS.
£
s. d.
Mex. $
Baume & Co.
210 0 6
Bovet, R. A.
131.69
Brown & Co., James
5 5
Estate of Capt. Bunje (deceased)
10,000.00
Chatelain, Leal & Co.
107
7 8
China & Japan Telephone Co.
2.11
Chinese Engineering & Mining Co.
3 0
1
Chong Woo
6.50
Haswell & Sons, R.
51
5 11
Deacon, Looker, Deacon & Harston...
604.00
Heath & Co.
59 0 9
Dunn, Z. G.
60.00
5
Correspondence with the Attorney General referred to in paragraph 9.
ATTORNEY GENERAL'S CHAMBERS,
HONGKONG, 20th May, 1916.
Gaupp & Co.
GENTLEMEN, With reference to my letter of 12th May, and previous correspondence, you are no doubt aware that it has been suggested that in such cases as that of Messrs. Gaupp & Co. the assets in the two Colonies should be pooled and that the two liquida- tions should be treated as one for the purpose of distribution. I shall be much obliged if you will let me have your views on this point, as it would affect Gaupp & Cụ.
I see that on the 31st July, 1915, it was estimated that the winding up of the Singapore branch of Gaupp & Co. would result in a deficiency of over $17,000, and I shall be glad to know if that estimate has been varied in any way since.
Hicks, J. J.
59
1 11
Fook Hing
2.70
Yours faithfully,
Imray, Laorie, Norio & Wilson, Ltd. 222 8 6
Gordon, A. G....
30.00
Johannsen & Co., A.
9 15 6
Hongkong Electric Co.
213.73
J. H. KEMP,
Attorney General.
Messrs. Lowe, Bingham and Matthews.
Manton & Mole, Lid.
499 2 1
Hongkong & Shuanghai Bank
79,232.11
Mappin & Webb, Ltd.
1,371 15 9
Hongkong, Canton & Macao Steam-
boat Co.
25.00
Mordan & Co., S.
+
---
61 6 11
Kelly & Walsh, Ltd....
6.75
Stanley & Co., Ltd., W, F.
53 12
6
Kwang Tai Lay
14.50
Watts & Son, E. R.
Whitehorn Bros.
13 11 7
1,020 16 1
Muller, Hoch & van Wesel, (Liqui-
dator of)
216.15
Nam Hing Loong
11.95
£3,742 11
2
Scott, W. Murray
27.00
Watson & Co., A. S....
0.50
Gallet & Co.
Frs. 2,330.00
Mex. $ 90,614.69
Jacob & Co.
Keiser, Jules
1,983.45
1,233.75
Keystone Watch Case Co.
.G. $ 200.98
Frs, 5,547.20
G. $ 200.98
UNPAID UNSECURED GERMAN CREDITORS.
Siemseen and Krohn
Schmidt and Zeigler
$ 432.42
...Pesos 54.47
NEW GOVERNMENT BUILDING, DES VEUX ROAD, HONGKONG, 25th May, 1916.
Chs. J. Gaupp & Co.
SIR, -We are in receipt of your letter of the 20th instant, inviting our views to the suggestion that the assets of the above firm in Hongkong and Singapore should be pooled, and that the two liquidations should be treated as one for the purpose of distribution.
According to a rough statement of affairs dated the 31st January last, sent to us by the Liquidator, the estimated deficiency at Singapore was $37,339.68, Straits Currency. The Liquidator, in forwarding the statement, remarked that probably the stock would not realise the estimated value at auction.
We have heard from Singapore since that the liquidation would result in (perhaps) the sum of $14,000 being available to meet European creditors for £6,570. This will increase the deficiency to over $42,000.
One of the reasons for the increase in the amount of the estimated deficiency, in so far as it relates to ordinary creditors, is undoubtedly the law in Singapore as to local creditors whose claims have to be paid in full. The claim of the landlord of the shop in Singapore for damages has been assessed at $9,900 plus costs, and being a local claim, has been, or will be, met in full. We have no definite information as to this but have drawn the inference from the wide divergence in the figures given as the estimated deficiency.
In connection with the suggestion to merge the claims of Hongkong and Singapore for dividend purposes, we have prepared a statement showing the effect of the sugges- tion as regards creditors. The claims have been divided into three classes, amely, creditors with claims against both Hongkong and Singapore, creditors of the Hongkong business ouly, and creditors of the Singapore business only. For convenience, we will refer to the classes of creditors as (a), (b), and (c) respectively.
An examination of the figures reveals the following position :-
Class A
Hongkong.
Singapore.
..£3,931. 18s. 9d. £5,144. 148, 4d.
As the Singapore claims exceed the Hongkong claims, the merger, if carried out, will penalise those creditors whose claims against Hongkong exceed their claims against Singapore.
No comments yet.
Private notes are available after approval.