Scope and Content
containing:
a) summary of debtor’s amended statement of affairs
Total deficiency £5,553..6s 6d
Liablities include
unsecured creditors £26,842..8s..9d
fully secured creditors £33,850..10s..11d
partly secured creditors £2,415..6..10d
but difference between value of securities £58,465 and fully secured creditors (£33,850..10s..11d) i.e. £24,614..9s..1d is transferred to Assets and therefore partially offsets creditors unsecured. Oil paintings, rifle and gun were only valued at £350
b) observations
including Herbert Richard Magniac up to end of 1891 was in receipt of allowance of £2,000 per annum from his late father and since that date has been dependent upon gifts and allowances from relatives
details: fully secured (held by creditors)
a) £500, 250 £10 (fully paid) shares of Delagoa Bay Railway Company (estimated value of £5,000)
‘with reference to the Delagoa Bay Company’s shares, the debtor states that they are at present unsaleable, but he has valued them, for the purpose of his Statement of Affairs, at £20 each, being the amount of the claim lodged in respect thereof in the arbitration proceedings now pending with the Portuguese Government. A creditor, however, who holds some of these shares has valued them in his proof at £1 each
b) to secure £3,100..10s..11d and £4,000, First and second charges upon
i) 900 shares in above at estimated value of £18,000
ii) 500, £1 shares of African and General Company Limited at estimated value of £125
iii) Policy of Assurance for £3,000 effected upon debtor’s life in 1892 – at present no surrender value
iv) to secure £1,000, 3rd charge on above Securities and 1st charge upon a Policy of Assurance
v) to secure Principal and interest at £25,000, a mortgage upon freehold estate in Bedfordshire – (Mansion and 200 acres, of estimated value of £15,000 and charge upon 1,000, £10 shares of above railway company of estimated value of £20,000)
vi) as against £250 for money advanced 3,400 £1 (18s paid) of Ophir concessions and Explorations Company Limited, (estimated value £340)
Partly secured
i) as against £1,815..6s..10d due in respect of loan.
Policy of Assurance for £3,500 upon debtor’s life, effected in 1891 (estimated of no present value) and guarantee by third persons
ii) £600 money lent, 4,000 £1 shares in Sabi Ophir Mining Company Limited – estimated value of £200
Bills discounted Magniac says received £1,000 out of £1,850
iii) contingent liabilities of £890
a) claim of a liquidator of a limited company in respect of ‘unpaid calls' – Magniac resisting
b) claim upon bills of exchange given in respect of pictures alleged to have been bought by Magniac
Unsecured Liabilities:
£25,182..13s debts due to Stockbrokers and others for advances
£50 unpaid calls on shares
£283..16s..8d is due for solicitor’s costs
Balance is due for goods supplied and services rendered
Debts Due:
£150 by company now in liquidation
£300 for loans to a person believed to be insolvent
Trustees of estate appointed Flaxman Haydon, 16 Union Court, London EC, chartered accountant, and Paul Alfred Boulton of 110 Cannon Street, London EC, chartered accountant