BANKRUPTCY.

Auckland Star, Volume XXXVII, Issue 146, 20 June 1906, Page 6

BANKRUPTCY.

IiBSTISe gF CRHDITORS,

!*. meeting ef creditors in the baafernpt «tete of Saarael Walker, late hotelkeeper, Dargarllle, was fael-d at 2.30 o'clock yesterday afternoon at the official assignee's office. Mr. Gerard, who presided, said that the book debts were eet down as worth £140, but so far only £1 toad been collected. He had received £25 18/11, balance of money held by Mr. McGregor, and the account from Messrs. L. D. Xattan, wliach would be explained by that ■firnTe represeircaTive.

Air. H. W. Uutfcjou, secretary to Mes&ra. f- D. XatJwji and Co., said ihat in June, law, Walker paid £2(jQo for the goodwiii of the hotH. aiso £490 for the furniture, £270 Yd ( % for rhe stock, £lts IS/4 lor j lk-eose and insurance, 10/ for v. post hoi, and £31 10/ for tanks, etc., making a totul at ingoing of 3/. Walker found £1329, ami Messw. L. I). Nathan, advanced Ail-ISO, toy which they had security. The [Original iat-eiition was to <adv*mce iiSOQ, but 'the stock and furniture amounted to more I than was expected, so the sum had to be linvieaseii. When the police prosecutions i were pending Jlessrs. Hancock and Co.. the kuitU'ordp. lieeeiue anxious, and it waa de;eiUed to >aak Mr. Walker to sell. He *em a» erdej- f»r xaera to sell, and a sale was arranged, bin Messrs. Hancock and Co. refueed to agree to the transfer unless .their [account was paid iv full. X&e sum of j £'4IH Trae acrajxlingly pa-id to Hancock and Co., end by onieir of lUe debitftr £1-40 to :Mr, BojrUn for oeaeid-eration received.' 1 Mee*r». L. D. .Wjtfhan aud Co. held a hill ; [of Bale over the racaitm-e for £554. Sup- I poeieg Mfflera. Hancock and O*. were nut j jpaid, And they refueed to tcansf-er Ibe license, tfcen *ac £UIOO to he p«Ud fo*- the goodwill -would net be available. Measra. Li. D. Xatban would haTe to claim against tne estate for about £700, and the creditors would be worse oil' itkan under the present arrangement, by which Messrs. |a*acock were paid £204. The outgoing ttccouets Trent: Cor goodwill. £1000; furaltare, £054 0/2; stock, £107 S/5; Ucease fees. £18 11/; total. £1678 0/6. Mr. Hudson pointed oiit cfcat, with regard To the • goodwill, thare wee a six years' lease ti* • tan when Mr. Walker wettt in. Twv yeara of that had expired, which lessened the ViLlue of ihe goodwill te that extent. They trietf tetrd to get £1250, bat could not. Mr. Qemrd said tbe question was whether or aot, apart from ithe legal position, the creditors wea-e aat better off by the paymeiU helug auide ami the licence transferred. As to the" paymtiut made .to Mr. Boykn, that was by order of 'the baakjrnpt thKoaah Massm. L. D. NeUian. Mr. Hudson said Sir. B-α j kin acted aa broker, aim) claimed hU fee. TU-β debtor said £100 wae balance of an amount due under a p. 8., and the £40 was I Cor commission. i iir. Hudson said no cloubt Mr, Boylttn lUiuught at that time there was a large sum ! ;at money woiaing to the debtor. I Mr. <xf?rard »aid M_r. Ewylan had a right : ifeo stop his fee as broker, but could not jha.ve stopped the £100 due on the p.p. ! Mr. Hudson said the money was paid to I Sir. Boylan when the i'vtnsfer first ,took place. Mr. Gerard: Then 1 thjnk It holds good. The onus would lay on Mr. Walker for giving the order unless it could be/proved Mr. Boylan- knew that Walker contemplated filing. Mr. Hudson said as a matter of fact no opinion was expressed at §aat time as to whether or not the debtor~"was solvent. Mr. Walker said he expected that the sale would realise more than" £1000. Mr. Gerard: These orders were given just after the sole; at that time the debtor i should have known that by giving such orders his other creditors must suffer. He ! would take time to look into the matter I further. Hγ. Hudson said when Walker was in : Uieir office he centainly had" no idea how I lie ■sto.cxi. I M-i. Ueed said the debtor must show I where l»e expected the £140 te be rei covered trom tli« Liook debta. ! Mr. Walkei- aaid the bar ledger would be i produced. I T&r. Reed s»ld £290 seemed a Urge sum .to co b«hiiul in debts in one year. ! ilr. Gerard said the debtor na.d prac.HIcally S9oO vriieu he weut into the liotel, a3 oot <Jt the £1100 he owed £150. EVjr goodwill, furniture and stock he paid £2509 3/, nud a± the out going he got EIR73 0/6. The dg)ir«s showed that he would «nly have made £'.'.45 4n two years. Tie debtor <>ipla.in&d TJiat he kept books af aaei but when he found tUey tallied aJI riglit he gare up, tMnkin? his payments (by cfceque and Into the bauk woukl show Itiie incumings and outgoings. Af'er further discussion the meeting was a4louiaied alua die to enable the assignee to jo further Into tfbe matter. ; BANKRUPTS' STATISMENTS. | The hankmpr Thomas Sowuen, a carpen-l-tpr of PoHSonby. has presented a statement 'of hi affairtf io tlie Assignee. XUe Hablll- ■ ties te unsec-iue<l creditors amount to I i'J4S 7/8. The stock-in-trade was estimated lat £1 12/. while a debt due to banki'upt ' juavuutefl to £*»S -;■!. autl cash held totalled I #§S 5/9. The total Ueaciem-y was £S4 7/.. ' 'ihe l)ankruj)i Btatts Ihat he arrived in I Auckland from In November, l?) 04, I ajifl lied £S3 or; lauding. He furnished a house for Uia wife and six children, at a cost of about £20. He got three mouths" vv'ork as d' ;iuiU'ueyman, and then went to I Wailii ¥i.r three mouths. He was then out tff work tor seven or e.lgbt weeks, and took I a contra Rt t" build a house at WaUaroa for | £290. He did cyt eveu make wages, and | gut £.'< in- ZV> behind In household accounts. iHe tlien took a contract to build a house i £cr a Mr I'arlia at Hamilton for £395, and i was £50 to the bad over it. Another house j contract at £300 was taken from Mr J. C. I Haiusbury. but he (bankrupt) found he could j noi lin the job for the money. He was | working as a journeyman, and ihad no ' assets.

Malcolm McNeil, farm hand, of Ness ValK>. wlio was adjudged a bankrupt, states that His liabilities to unseenred creditors amount io 17/11. and secured creditors io £165. Tlie stock-in-trade Is valued at £75 and book debts £3 7/6. and the detLcieiicy amounts tn £40 10/0. During the wLuter of 19U4 he loet five dairy cattle and eieven more in tlie following year. This • rlpwled lilin financially, and he had not lipen to recover.