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The first meeting of creditors in the estate of William Henry Young, oi Rotorua. grain merchant, was held belore ths Acting Official Assignee (Mr. H. Gerard) yesterday afternoon. Eleven creditors were present. The bankrupt had estimated his assets at £1844, and his liabilities at £ 1518.

Mr. eUrard said tiiat from information received ho might tell them that they were not going to get 20/ in the £ from the estate. Ihc first question was as to tiie disposal of the stock, which he estimated at £470.

Mr. M. 11. llampson. of Rotorua, who represented the bankrupt, stated that the proposition they had to otter was that the bankrupt be allowed to carry ou business for one or two months. Mr. Young was now on a good business footing, and the creditors would probably find it a satisfactory arrangement.

The Acting Assignee said that would ba dillit-ult unless the bankrupt provided funds to carry on the business, Mr. Hanip>on replied that there was £150 in hand just now. Continuing. Mr. Gerard remarked that Mr. Hanipson also represented £000 worth of creditors, so that if they had not that amount represented by the other creditors present, that gentleman could probably outvote them ou any proposition. The creditor represented by .Mr. Hanipson was Mrs. Young.

Mr. E. Bond remarked that perhaps Mrs. Young had no standing at the meeting, lie understood the money went in speculation, and a claim was now made on the estate. Mr. Hanipson stated that the bankrupt had £ 150 through the sale of shares, with regard to which he had borrowed iI'JW from his wife. An additional £173 had been lent by Mrs. Voting. It was with no idea of foisting their ideas on the meeting that lie was present to vote as a representative, but it was their opinion that tbe creditors would gain verj considerably by allowing the business to go on for some time.

.Mr. Uerard said that the book debts would never realise £075. and he asked whether the creditors' would prefer to carry on the business for a month, and try to sell the business.

Mr. Hunt moved that the Official Assignee be instructed to call for tenders to close within three weeks, the business in the meantime to be carried on by the Assignee.

Mr. Warnock moved an amendment to the effect that the time for closing the tenders lie a fortnight, this being lost on the values, on the opposition of Mr. Hanipson and two others. A further amendment, moved by Mr. Hampson, that the time be extended to a month, was not proceeded with. The original resolution was thereupon carried. The question of disposal of the house property was left to the Assignee, it ibeinsr decided to advertise the two tenacre sections for sale by tender. Messrs. Fenwick. Bond, and Hall were appointed a committee to assist in dealing with the estate. Giving evidence on oath, the bankrupt was asked by Mr. H. H. Hunt, representing T. H. Hall and Co., how he reconciled a statement signed by him on February 27, with his present action as far as bankruptcy was concerned. Mr. Young (continued Mr. Hunt) had written to the firm for certain goods, and, in reply to a request for a statement as to his financial position, had stated that his stock and plant amounted to £733, book debts valued at £1.115. and other assets £l>4-'*, a total of £2.492 8/5. His total liabilities were £1,086. and his surplus assets thus £1,400. On this statement, the goods had been supplied, and he desired to know if the statement were correct.

The bankrupt: To the best of mv belief.

Was it not a fact that when you signed that document, your assets were not £1.400? —Well, I may have overestimated some of them. Possibly I overestimated the value of the property, but I had an offer of £900 for the house then. The sale did not come off.

Asked why he had not introduced Mrs. Young's amount in the statement, he stated that he had never given it a thought, it being apart from the business. A creditor: Did you suppress that debt to Mrs. Young in order "to deceive your creditors?—No; I simply never thought of it.

Mr. Alexander: Was it owing? —Yes, seeing 1 have the money, it is.

Mr. YVarnoek moved that the following question be submitted to the Crown Solicitor for his advice:—"Whether or not the claim of Mrs. Young is one which ought to he admitted?"

.Mr. Hampson pointed out that under the law Mrs. Young was entitled to nothing, as the wife of the bankrupt, until the other creditors received 20/----in the £.

The resolution was then carried, it being decided to leave the furniture to the bankrupt. A proposal to refer to the Crown Solicitor the bankrupt's statement to Messrs. T. H. Hall and Co., was withdrawn in favour of a motion to leave the matter in the hands of the Assignee. The meeting was then adjourned sine die.

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Bibliographic details

A ROTORUA BANKRUPTCY., Auckland Star, Volume XL, Issue 84, 8 April 1909

Word Count

A ROTORUA BANKRUPTCY. Auckland Star, Volume XL, Issue 84, 8 April 1909

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