MEETING OF CREDITORS.

Press, Volume LXV, Issue 13610, 20 December 1909, Page 4

MEETING OF CREDITORS.

RE C. G. LAMB

A meeting of the creditors of C. G. Lamb, Dcyleston, was held at the Official Assignee's offioo on Friday. Mr Hoban appeared for the debtor, and Messrs Geo. Harris and Nicholls appeared for certain creditors.

Tho debtor's etatement showed:—

Unsecured creditors £406 Us Bd, secured creditors £1086; estimated value of securities £1000; deficiency £86; total deficiency £492 11s Bd, lass assets, stock-iu-tretlo £130, book debts £71, furniture (not allowing for the £25 allowed by the- Act) £50, and property not secured £174, total £435; total deficiency £67 lls Bd.

The unsecured creditors of amounts over £10 were:—l ,, . Quagley, Doyleston, £32;, DuJgety and Co., Christchurch, £1$; W. A. Day, Christehurch, £11; Todhunter Bros., Chrietchurch, VAo; and Son, Cnristchurch, £30; W; Striuigo and Co., Christchurch, £31; International Harvester Company, Christ-church, £20; "William Smyih, DoyJeston, £50; H. McaiJdey, DoyK'ston, £10; Asliby, Bergh' and Co., Christehurch, £29. The secuieu. creditors wore:—Anna .Sanderson, Christchiiroh, £600; F. 3. I/emon, Doyleston, £486. The Official Assignee stated that the proceedings were initiated for the purpose, if possible, of upsetting a second raorttfago alleged to have been given to Mr Lemon during the period when no preferential treatment could be given to creditore. The debtor's sworn statement to the Official Assignee stated that fc-r the ,past two years the debtor was in. busineso at Doyleston &a a grain and produce merchant, having purchased the business from Messrs Bcag and Coop for £500. He had no capital when he started, but was able to raise £600 on the property. Debtor worked under an agreement with Mr Boag that he was to receive, in addition to a weeltly salary, one-third of tie profits. For the two years lie estimated that the profit amounted to £575, but though ho had mad>? application for his sharo— £190—he did not get it. In November, 1908, Mr Bcag, sen., pressed to guarantee debtor to the extent of £300 if he withdrew his claim on his eon. This was agreed to, and debtor gave a release, as debtor was pressed for funds. Without notice the guarantee had been withdrawn, and this had crippled him. Replying to a creditor, file debtor stated that he started business with £82 cash.

The Official Assignee stated that he would make enquiries with a tiow to ascertaining if the second' mortgage to Mr Lemon could be set aside.

Tlio meeting, by resolution, decided to hand to the debtor his surplus furniture. ;

A crediteir jpointsd out that there

had been recently several cases of people starting in business with totally inadequate capital, and he thought that the affairs of the present estate should be carefully investigated. An old business was taken over by debtor, and creditors were apt to continue credit in euch cases despite the change of ownershio.

The Official Assignee stated that in addition to loclting into the question of the second mortgage, ho would see what could t>p done in to Mr" Bfliig'e guarantee. The meeting adjourned sine dia.