IN RE J. ANDERSEN.

Press, Volume XLVII, Issue 7528, 18 April 1890, Page 6

IN RE J. ANDERSEN.

The first meeting of creditors in the estate of Jorgen Audersen, watchmaker, bankrupt, was held at the Official Assignee's Office, Government Buildings, at 11 a.m. yesterday. There was a quorum present. Mr Franks appeared for the debtor. The .tatement of the bankrupt showed —Unsecured creditors, £220 Is 2d; secured, £820; (estimated value of securities, £670); balance, £150 ; total liabilities, £370 Is 2d. Assets—stock-in-trade, £250; book debts, £15; furniture, £70 (over which Marks has a bill of sale to secure £75), nil; other property, £10; total, ___75; deficiency, £95 Is 2d. The unsecured creditors are—Hayman and Co., £41 10s; Lonsdale Bros., £43; Rothschild, Jacobs and Co., £29 13s sd; R. M. Morten (rent), £24; Berens, £21 10s ; Butcher, £13 ; Dr. Irving, £9 14s 6d; Lyttelton Times Company, £6 19s ; Press Company, £6 10s ; Ballantyne and Co., £6 9s; H. Pannell, £o ss; Partridge, £4 10s; J. Johns, £3 12s; Loch, £2; Raddon, £1 8s 3d; Union Printing Works, £1. The secured creditor is Hyam Marks, who holds a mortgage over three acres of land and house at Papanui, occupied by debtor. The debtor said he had been in business a little over two years. He started with a capital of £10, which he paid to Hayman and Co., who gave him goods to the value of £20. The shop in Hereford street was held on a monthly tenancy, at £4 6s 8d per month. He bought the property at Papanui in December, 1883, from Marks for £900. He paid £150 upon it, had spent £300 in improvements, and had paid 8 per cent, on the balance of the purchase money. He had been compelled to file through being pressed by Mr Berens, of Dunedin. His life was insured for £500 in the Government office, but no premiums had been paid for two years. In reply to questions, the debtor said he was paying Marks ___J a year for the property at Papanui. Mr Marks explained that Mr. Andersen wanted to cave the property, and he (Mr Marks) offered to allow him to reside there for the sum of £50 a year, in order to give him an opportunity to pull round. He would take £550 for the property, and hand it over to the creditor.. He maintained that his claim was a good one. In reply to the question as to whether he had any offer to make, the debtor said he thought he could pay 10s in the £ if he was given twelve months* time. It was resolved to adjourn the meeting till 11 a.mi. on Monday to allow of legal advice being taken on Mr Marks' claim and the debtor to make a proposition.