He filter Hollands.

Otago Witness, Issue 1765, 19 September 1885, Page 4 (Supplement)

He filter Hollands.

A meeting of creditors in this estate was held *ti the Official -Assignee's office <en the 11th ■anst. The bankrupt, who has been* carrying- on ■"business as a butolu»r at Greytown,/was represented by Mr R. L. Stanford. The creditors having failed to send in then- proofs of ■debt, thp 'Assignee saiv that no formal /meeting could take place, but "he would proceed to the examination of the bankrupt.

The 'hitter's statement showed thflA the amount owing to unseeded creditors -w^us £213 <3s On 1 ,, and to secured .creditors £173. His assets, book deihts, &c. amounted io •r&out £145. The property ovei which the security was held was woHh £100 ; so that there w«s a deficit of £73.

The Assignee explained "falie position of 'Ift>e' estate. Ml- Donald Reid helfi a bill of .sate over everything, V>nt he '(.the Assignee) was ailviheft "that, owing -to an inf or:nality, t'be security wouM ■not hold good over the hook debts. The re- | «coverab!e de-Mr, were vUued by i!lie bankrupt at ; £68, and the 'bad and sloubtf ul *,t £5/5. If Mr ; flieid would purchase -tliese debts Cor £40, these •would be sufficient to pay a dividend of 2s 6d in "the pound. "Ihe Bankrupt (examined) said ttyvt lie had sbeqa in business for about eight years. He was !buoiit out in ISSI, and had las start afresh with only £100 he got from the insurance on his iuniiii&re. He had no other money, and owed _&t thjvfc time £250. His books were destroyed, and he only recovered some of the debts outstanding. Since then Ills ay '.rage takings in the J>usi»pss had been between £20 and «£2B 'a week, until fouv months ago, when they had decreased by £10 or £12, He had been reducing his debt to Mr Donairt Reid at the rate of £5 a month, and his debt io the brink by £5 every throe -piontks. It Y/ns only within ih& laot few.

months that he found he could not carry on this arrangement. Mr Reid wrote to him calling in his money on September 4. The bankrupt was questioned with a good deal of asperity by Mr M'Gillivray, one of the creditors present, and when sworn declared that he had no money whatever put away. It was decided to hold a properly-constituted meeting on the 19th inst.