Default

Default

Default

Default

This article displays in one automatically-generated column. View the full page to see article in its original form.

MEETING OF CREDITORS.

'-A meeting of creditors in the bankrupt ! estate oi Charles Gibbs Beckett, newswiper proprietor, of Waihi, was held at, the office of the Official Assignee this afternoon, Mr. H. Gerard presiding. Mr. •J K. Seed attended on behalf of the insolvent. He debtor's statement, preiYiously published, showed that the unsecured creditors accounted for £373 Is ■10d of indebtedness, and secured creditors for £*581. There was, however, a surplus of £69 over -the secured debts, leaving a deficiency of £304 Is lOd. The -bankrupt, on oath, said that preJrious to starting a paper at Waihi he was interested in newspapers at Dargaville, Whangarei, and Whakatane, all of which had been disposed oi before or since he took up the Waihi "Times" in August, 1906, when he sold the Whangarei **Monrlug Press," he owed to unsecured creditors about £250. The paper this sold for £1,000. £300 of which belonged to secured creditors, and the Waihi paper was started with the £500 or £600 in hand from the sale. Mo>tlor,tlrls money was spent in buying plant, and starting the AVaihi "'Times" and tbe paper at Whakatane. Mr. Kurnow, tali whom he afterwards entered int-p partnership, was at this time financing him, and arranged for the finding of £300 on bills. Mr. Hyde also lent witness £300. After the Waihi and the Whakatane papers had been started, ilr. Luke Webb advanced a further £650 through Mr. Kurnow. Capital and advances towards starting the Waihi paper amounted to about i£ 1,750. On March sth of last year, the Waihi plant waa seized, by which :time about £1,400 of the money had disappeared in the business. In addition to this he lost the takings of the paper, something like £300 a year for the two years. The Whakatane paper, which was sold for £500, produced a profit. For the past twelve months he had been running the Waihi paper on lehali of the creditors.

In the course of the examination, it was explained by Mr. Hyde, in respect of the Whangarei paper, that he agreed to take over certain liabilities, amountfag to £300, with the paper, but discovered afterwards that liabilities did not exist to that extent in respect of the paper, and as the result of a law suit at the Supreme Court, he was only called upon to paj- £140. This sum was arranged -between himself and Mr. Beckett

The sale of the Waihi paper Teeently had apparently realised only £300, according to several creditors* which disposed of any hope of a surplus over *e<wed debts. After some time had been spent in an effort to disentangle the various figures, an adjournment sine die *as decided upon to enable the bankrupt to prepare a statement of his recapts and disbursements, extending wer a period of three years prior to the ossanrptcy.

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item
Bibliographic details
Word Count
470

MEETING OF CREDITORS. Auckland Star, Volume XL, Issue 82, 6 April 1909

  1. New formats

    Papers Past now contains more than just newspapers. Use these links to navigate to other kinds of materials.

  2. Hierarchy

    These links will always show you how deep you are in the collection. Click them to get a broader view of the items you're currently viewing.

  3. Search

    Enter names, places, or other keywords that you're curious about here. We'll look for them in the fulltext of millions of articles.

  4. Search

    Browsed to an interesting page? Click here to search within the item you're currently viewing, or start a new search.

  5. Search facets

    Use these buttons to limit your searches to particular dates, titles, and more.

  6. View selection

    Switch between images of the original document and text transcriptions and outlines you can cut and paste.

  7. Tools

    Print, save, zoom in and more.

  8. Explore

    If you'd rather just browse through documents, click here to find titles and issues from particular dates and geographic regions.

  9. Need more help?

    The "Help" link will show you different tips for each page on the site, so click here often as you explore the site.

Working