SYMPATHETIC CREDITORS.

Auckland Star, Volume XLIV, Issue 185, 5 August 1913, Page 4

SYMPATHETIC CREDITORS.

BANKRUPTS DISCHARGE RECOMMENDED. (By Telegraph.—Own Correspondent.) HAMILTON, this day. A meeting of creditors of the estate of {Henry Raymond James, livery stablekeeper, was held yesterday afternoon. The debtor's total unsecured debts were stated to be £469, and assets were set down at £189. A letter was read from Mr. Thomas Darby, who holds a J | bill of sale over the estate, stating that I bankrupt still owed him £1,373. Bankrupt said he had taken the business j ifrom V. Prances, on the representation lof a previous owner of the business. The figure agreed upon was £1,850., | The horses and gear were valued at j £1,150, and the lease of an endowment at "£IOO. The balance was for goodwill. When he purchased the business, he understood he was getting a. house valued at £650. It now transpired that the house did not go in with the business, so that in reality the total amount he contracted -to pay was £2,500. At a recent sale of the plant,] the horses realised £369. The Official Assignee said that when the amount owing to Mr. Darby ( £1,373) was added to the unsecured debts the dividend payable would be infinitesimal. Bankrupt had not been guilty of any fraudulent practices, but of reckless trading. Bankrupt said he could make no offer. He was getting £3 a week for managing the stables, but he had five children dependent on him. A resolution of sympathy was passed, and it was decided to take steps to facilitate -bankrupt's discharge.