INDIGNANT CREDITORS.

Auckland Star, Volume XLIV, Issue 125, 27 May 1913, Page 9

INDIGNANT CREDITORS.

SUGGEST INSTITUTING PROCEEDINGS.

A special meeting of creditors in the estate of P. Wilkie was held yesterday afternoon at the rooms of the Ollieial Assignee in Bankruptcy, when -Mr. Fisher presided, and read the report of Mr. G. S. Gorlie (accountant). This stated that debtor's books were so badly burnt at tbe fire that he threw them away and opened new ones. He had therefore to make up from the new books. The liabilities were £309 18/5; and the assets £9S 16/, of which £Gl> IP/9 was from the insurance company. That left a deficiency of £211 2/5.

Mr. Fisher said, shortly, it, appeared from the accountant's report that at the time of the fire the debtor was insolvent to the extent of £211 2/5. and since then he had' incurred other liabilities. In the debtor's favour it should be stated his affairs were no worse at the time of his bankruptcy than at the time of the fire, added -to which tbe accountant found no signs of extravagance in the intervening period. _ was, however, the fact that several people with whom he had uot dealt with prior to the lire had given bankrupt credit, Mr. Fisher ' read an extract from a letter sent to one creditor as follows: —"I had no insurance at the time of the fire." 1 Mr. ! Fisher expressed 'the opinion that if the debtor thought at all he must" have I known he was pretty well hopelessly I insolvent. He considered it was a serious matter to obtain credit if the debtor j knew there was no chance of being able 'to pay.

A creditor stated that the stock could have been realised to better advantage if the debtor had not gone away to sell it in Wellington for the price he accepted.

Mr. Fisher said be believed the e3tate would pay about 1/ in the £. He estimated that the creditors lost about £2ri owing to the debtor going to Wellington to sell the stock. Had be gone bankrupt then, and the stock realised no more than he got for it in Wellington, the estate would have been £28 better. The present liabilities totalled about £43.5.

' Mr. Gorrie explained that the debtor might have owed more than £211 2/5 at the time of the fire, but certainly not' less.

It was resolved by the creditors: — "That the Official Assignee be requested to place the report of the accountant and the facts connected with the bankruptcy before the Crown Solicitor .with a view to instituting proceedings."