MEETING OF CREDITORS.

Press, Volume LXV, Issue 13427, 20 May 1909, Page 8

MEETING OF CREDITORS.

IN RE C.C.SOMMERS. MERCHANT

A moot ing: of creditors in the estate of Cha.s. Christian Sommors, of Christ, church, merchant, was held at the office of tho (Mlic-ial Assignee yesterday. Debtor's staioinoin snuwed unsconrpd ci.'.iiiors to i In- amount of £i>457 Thoi-p v,-ero Nocurod crediti>r> t>> th» amount of £8179

,>>. and there was no surplus over and above thive .^; % vcral Siecurities. liv a.--'.>u> eiv.hraood b»>ok debts (£600), e>ti!n:ited to pro,luce £50. A defici» elk'}- of HUOi as v. as shown. Tho un. is.'cir.Ttl creditors <oi £1"> »nd over) as i,i|iivws: —Johannes Sonimers, .Mj.-Miii:, Denmark. i'Oi'nTi Ss 3d, Hose ami Lli-ncliiiiiin £GO. .Macky, Logan. (.'a-.ftwell and i'o. £7">, Wilding an<i A< t.ml L'Sl. Sir arse and Co. £15 4s, A. !■;. L-Jl.

'i'lio .sviiircd <Med:ti">rs wove* as follow :-- i'crinau.'iit ]nvi>tmeut and l..i;m Af-.-oi-iation £71U .V, National L'suO, Cliapman. lielcher and liiaru.ury £3-Co. truste*-s of T. 1.. .Jcv.i: cierfa-' v i £3!i'O.

ir. hu> statf uioiit ths» bankrupt said . h<» had liiTii in Chri*tc-lmrch since li?v). ami forir.orly carried on business ji'. uijih t>tifi't a >tationcr. He re-. tnvd ;i'huiit yours ago. and ha-4 a'unit JLiiiHH) in prnm>rty and book <lfi>is. K>> owiitil about 3\ acres in. l/uniiini >troot. ami Iniilt four houses on tlu> land at a cost oi about £4000. lL* tho lund aud buildingi in.- iiIUU. "In Jimp. lWii, he &old til* j.,(>n.ity to -Mr Herman Lewis, ©f \\ v liingion. for £l><">00. taking in pay-iiu-iu, u'ii'r paying off the uiortgagj* and other duntxis. £-11)00 in shares in t.ie Knivuro Hotel Company. His pro. jKTt.v (So. 1111 in Hereford street, Know v Lowi.\V; Hoiirl, he cold in 1907 t • tiio .\atimial Mutual Life Association for .1:71)1)0, .subject to balance of lirit i - ;itn,'U. second 1*2900. ti(> ha\l a leascliold of property in liijjh stroot running through to Hens t\»l ;tri.'i't, with alvout seventy y«ar< to run. The ground rent was £1703 a year. On it wort* erected three in Ilig.li strc.'t and office buildh'.'j. in Hen-ford street. Tho rents tioni tlie?v did not amount to more tlian £1300 a year net, after paying taxe.*. insurance, an<l other charges, * Ho disposed of his interest in tho lease to .Mr Humo Lewis for £3500 in 1901— 1"1.iU0 easii and £2000 in Empire shares. • At that time he was led to believe that tho shares wore of face value, and would be likely to pay good dividends. Those • expiations had not been realised as no dividends had been paid. In 1908 ho re-purchased the Hereford street portion of tl.e lease from Lewis. .At that time bankrupt had entered en ac- , lion against Lewis to recover £3000. Lewis consented to maUe a re-convey* ance of the lease and pay costs on his (Sommers) withdrawing the aotion and transferring *200 £10 Empire shares, Tho house ho lived in was valued at £1620*. There were three mortgages on it totalling £1600. In December, 1907. he purchased a property in Gloucester street from the trustee of the late T. I. Joynt for £3400, subject to a mortgage of £3000. He .paid £200 cash, the balance to bo paid at n • future date. Ho regretted his pur« -. chase and wished to cry off by forfeiting tho deposit, but the sellers would not consent and served him with a writ ' to pay tho l>alance and interest. Thai was the immediate causo of his filing, ~ In October, 1908, he purchased from K. .. W. Chapman the business and rights of ' tho Colonial Manufacturing Company for £2680, and paid a deposit of £100* He gave as security tho assets of the company and a third mortgage on Durham street property. He ncld 1900 £1 paid-up shares in Yerex, Barter, and Findlay, now in liquidation, wbica he gave to the National Bank »i security, in addition to 400.£10 Empire \ sliares.* In October last he fcrtfnaforwd his interest in the Yerex shares io bit ■ trite, and his interest is-' f&P fiuun shares to his brother, botii ofynora iviTb prepared to abandon-* , *!** eecttri* t>ies for the benefit of the cte^,to».

Mr Alpors, who appeared for Jo« hiinnes Sommers, explained that, be and Iho bankniot shared equally in their late fathers estate, which wi expected to realise move than it really did. During the course of twenty years, bankrupt had drawn against hu share - and had overrun the constable to the extent of £6006 3s 3d, which the brother had advanced. Hβ did noi think, however, seeing that the assets in the sstato were so small, that Johannes Sommere would prove. Mr Wright said that it would be ad-. visable to ascertain the. value of the estate of the late Mr Sommers. By the amount the bankrupt was over* > tlrawn upon his share, the estate musk have been very considerable. t Mr Alpers explained thai* most of the debt -was incurred by the bankrup*, drawing upon his brother, who "was a man ot some means. The father's <a- , tate. was reckoned to be large in Den« mark, but from an English point ofi - of view it was worth very little. Mr Herman Lewis (who challenge* the accuracy of the bankrupt's state* t . ment in several particular*) stated that the Empire shares the bankrupt had obtained had cost him nothing. -^ Mr Alpers said the tragedy of the whole thing appeared to have aneea >] from the fact that the splendid oaan- r lies bestowed upon tlie bankrupt, 0/" " f Messrs Lewis and 1 Grace wore d««----natcd. . . Mr Wilding said so far as ho coiUd , judge, bankrupt lived in the cwaaM, and was under the impression the* asy. had largo resources. _ '. nkrap*

Mr Wright asked what the be had done with the money he had wmn ho retired and received subsequently. The Assignee pointed out that bttw* rupt's assets consisted chiefly in W? , pertv and book debts, end that xn h» subsequent dealings his resources wert stibstantiaUy diminished. After discussion, tho meeting was a*. journcd, to enable Mr Alpers to m*»* enquiries respecting banlcrupt's ■*»**!* est in tho Denmark propertj- ot a* lato father.