Kinematograph year book : 1931 (1931)

194 The Kincmatograph Year Book. MEETINGS OF CREDITORS. The Deansgate Picture House and Cafe Rendez VOUS, Ltd., Manchester. —At the nieetint; of the creditors of the above, held on October 24, it was reported that the liabilities to the Trade were jr2,894 13s. 8d., and t'lere were cash creditors for /i.g,693 6s. 2d., making a total of £52,587 igsaod. 'fhe assets were estimated to r'alise £8,054 12s. M.. from which had to be deducted £3,023 2S. 4d. for preferential claims. The deficiency as regarded the creditors was £47,556 gs. 6d. It was reported that the company was registered in 1922 with a share capital of £5,000. Certain debentures were also issued. The company had suffered from severe competition and the introduction of talking pictures. The debenture holders held a floating charge over the whole of the assets, and as the interest was in arrears, the trustee decided to sell. The creditors passed a resolution confirming the voluntary liquidation of the company with the liquidator appointed by the shareholders. Stanley Byres, 62. Creditor Hill, West Hampstead, London, kinenia proprietor. The first meeting of creditors was held on .I\ily 14, at the London Bankruptcy Court, under the failure of Stanley Byre, kinema proprietor, of (ig, Crediton Hill, West Hampstead. The Official Receiver reported that the debtor had stated in preliminary examination that in February, igag, he entered into partnership with another, and they traded as the B. and C. Theatre Co. (the debtor's name being registered as the sole proprietor), at the Invicta Cinema, High Street. Chatham. They obtained 3 21 years' lease of the premises, with an option to purchase in their joint names, and ran them as the Invicta Cinema. The debtor contributed his special knowledge of the film industry and his general business experience, and his partner provided a cash capital of £1,500, which he raised on loan from his bankers, to whom he gave his personal guarantee, and he fu'-thcr deposited with them the lease of the kinema as collateral security. The case was left in the hands of the Official Kicciver, to be wound up in bankruptcy. Walter Hargreaves, " The Croft," Wigston Lane, Aylostone, Leicestershire, kinema theatre lessee, lately " The Bijou Cinema," Syston, Leicestershire, " The Empire Cinema," Barrowford, Lancaster, The Kmpire Cinema, Wilnecote, Warwickshire, The Palace Cinema, Enderby, Leicestershire, and the New Theatre, Winchester, Southampton. At the first meeting of creditors herein, on August 14, at Leicester, the statement of affairs disclosed ranking liabilities of £1,188 los. id. against net assets of £26 15s. 4d., a deficiency of £1,161 14s. gd. The debtor attributed his failure to lack of patronage, l<een competition, heavy overhead charges and lack of capital. The net loss arising from carrying on business from December o, igag was £662. From igig to 1923 the debtor was employed as a kinema operator and theatre manager in various towns. He was then employed as an electrical engineer and in December, ig2g, commenced business at the Palace Theatre, Enderby, with a capital of £150. He has cariied on business at five theatres in all. The debtor stated that he had been unsuccessful from the start. Books of accounts have not been kept, Iiut statements of weekly receipts and payments at each theatre were produced. He became aware of his position in June, ig30. Since last December the debtor borrowed about £goo from seven creditors, each of whom he employed as operator or manager at one of his theatres. These loans have not been repaid, and in si.x cases wages are still owing. The case being a summary one, w-as left in the hands of the Official Receiver as trustee. Harry Pearl, 155, Oxford Street, London. The receiving order against the above was made on September 4 on a creditor's petition , and on September 17 the statutory first meeting of the creditors was held at Carey Street, W.C. The debtor, who estimates his liabilities at upwards of £20,000, and whose assets are a doubtful realisable value and probably will produce under £300, stated in preliminary examination that for the. past eleven years he has been connected with the running of kinemas and the renting of film companies. The last company of which he was a director v/as one carrying on business at the above address and was now in liquidation. .At present he was acting as manager under a five-year's contract with a kinema corporation at a salary of £25 a week. His liabilities were in respect of guarantees given in connection with the promotion of tfie Pavilion Cinema, Newport, also guarantees given on behalf of his late partner and liabilities in respeot of an underwriting business in which he was interested in 1927. His insolvency was also due to continued illness of his wife and depreciation of shares. Creditors passed a resolution for the appointment of Mr. F. S. Salaman, C.A., of i and 2, Bucklersbury, trustee. Sydney Chaplin, film actor, described as late of Oddenino's Hotel, Regent Street, W. The statutory first meeting of creditors of the above was held at Bankruptcy Buildings, on November 27,undera receiving order recently made on the petition of British International Pictures, Ltd. The only claim lodged was by the petitioners for £12,782 in respect of damages for breach of contract, a judgment for that amount with costs having been given in their favour on ]n\v 31 last. It was stated that Chaplin had not yet attended on the Official Receiver, and that he might possess assets in America. His affairs were left in the Official Receiver's hands. Newport Amusements, Ltd., 155, Oxford Street, W.C. The statutory first meetings of creditors and shareholdc rs of the abc ve company (in compulsory liquidation) were held on NIarch 5. The OfPcial Receiver reported that the company was incorporated in June, 1929, with a nominal capital of £500, which was subsequently increased to £5,000. Prior to the formation of the company Harry Pearl, who became secretary to the company, ascertained that a building in Newport (Mon.) was available for converting into a kinema. Pearl conferred with Abraham Pearl, Harvey Segal and George William Pearson, and it was decided to form a company to acquire the premises and convert them into a picture theatre, with accommodation for 1,700 people. It was opened on October 28, 1929, but the receipts did not come up to expectation. As a result the company could not keep up the instalments to the builder ; the rent also fell