Burger island leaves $580,000 unsecured debt
A story in Tuesday's newspaper about the debts of Burger Island Ltd.
incorrectly reported the money owing John Barritt and Son Ltd. The amount is $58,338.
Burger Island Ltd., which was wound-up earlier this year, has an unsecured debt of $581,229 and no assets to pay it off.
The largest unsecured creditor is wholesaler J. S. Vallis and Co., which is owed $105,959, according to a report by Official Receiver and provisional liquidator Mr. Malcolm Butterfield.
Other unsecured creditors are drinks supplier John Barritt and Son, which is owed $105,959; T. J. Pearman and Son, $73,036; and Government, $33,879.
Burger Island directors Mr. Simon Scupham and Mr. Dudley Hollis are owed $40,000 each.
Burger Island was wound-up on January 2, 1992, after its commercial landlord, T. J. Pearman and Son, made a demand for outstanding rent.
The largest single creditor is the Bank of Butterfield, which is owed $549,311.
But the Bank's loan is secured by the Robin Hood Pub and Restaurant building, which is owned by Robin Hood Enterprises.
The Bank has already taken possession of fixed assets worth $141,981 to help pay off its loan, leaving unsecured creditors with nothing.
According to Mr. Butterfield, Burger Island was "hopelessly insolvent'' when it stopped trading late last year.
One of its main assets, a loan of $98,242 to an associated company, Island Entertainment, was uncollectable, said Mr. Butterfield. That company is also believed to have financial problems.
Burger Island's officers and directors at the time it stopped trading were: Mr. John Scupham, president; Mr. Dudley Hollis, vice president; Mr. Simon Scupham, Mr. Bill Mayor, Mr. Thomas Stearns, Mr. Ron Smith, alternate to Mr.
Stearns; and Ms Martine Purssell, secretary.
The company was owned by Field Nominees Ltd.
