SOLICITOR'S BANKRUPTCY.

Press, Volume L, Issue 14956, 1 May 1914, Page 10

SOLICITOR'S BANKRUPTCY.

MEETING OF CREDITORS.

A meeting of creditors in the estate of William Sinclair, a oankrupt solicitor, of Christchurch, was held at tho Official Assignee's office at 11 a.m. yesterday.

Bankrupt in his statement said ho had practised in New Zealand as a barrister and solicitor for about 36 years, mostly at Blenheim, being Crown solicitor there for 14 years. He came to Christchurch in March, 1913. His financial troubles began some tivo years ago, since when ho had been engaged in tne sale and purchase of land on commission. Ho estimated his annual expenditure at about £300. The asset from which he expected most benefit was a debt duo for citing for tho petitioners in the Wairau election petition, his fee boing £600, of which ho received only £205. He also lost other moneys by his inability to carry on litigation for a sum of £440 due to him by Fraser and Son. Ashhnrst. In 1913 he camo to Christchurch with Hermann Lewis, a land speculator, and assisted in the flotation of the Ngatapa Land Syndicate, selling two shares, for which the commission should have been £500. Of this he received only £60, as Lewis then became bankrupt. He had lodged a- proof in the estate for £440. For the last three months be had been engaged in an unsuccessful attempt to sell a property in the North' Island. His receipts for tho past year had been under £100. His debts covered a period of from five to six years with the exception of the Cnristchurch accounts. His principal asset consisted of an option to purchase certain land in the North Island, from which he estimated a profit of £8 per acre. He had no expectations from any source. Bankrupt's statement. showed : — Assets £5196. including book debts £772: furniture £10, property £4414, and liabilities £1728 lis. with no secured creditors. The principal creditors wero: — T. H. Harker (Christchurch"), £55 4s 4d: Blenheim Borcueli Council. £21 15s 8d; J. Goodman j (Christchuroh), £63 los 6d: Hayward's Land Co. (Wellington). £98 6s 8d : Law Book Company (Wellinrrton), £36 0s Id : estate of J. Duffy (Christchurch), £125; James Pirrie <Christ<•hurch , ). £64 10s: W. N. Eyles (Blenheim), £32 ss: British and Continental Piano Co. £77 8s 3d; E. C. (Blenheim). £23 19s 2d; Miller and McKay (Blenheim), £22 2s 2d; E. H. Eccles (Blenheim), £46 15s; S. Rabone (Blenheim). £25: Nathan and Co. (Wellington), £35 ; Rosenberg and Co. (Wellington), £23; W. Giendinning (Wellington), £125: L. E. John-on (Wellington), £50: Robert Johnson (Palmerstdn North). £100; F. D. Kesteven (ChristchurchL £298 Is; D. M. Findlay (Wellington). £21. The Official Assignee said that twothirds of the accounts were from Christchurch. Bankrupt stated that- a large, portion of the money hnd gone in paying back debts, and a lame* portion iv interest. He had not lived Ho estimated that he would be able to secure enough out of thp North Island property to pay 20s in the .£'. The Official Assignee said it anp<=ared that "-naper" sales wo-ro mostly bankrupt's transactor-. and were tho cause of tho trouble. The bankrupt's statement was a vcrr optimistic one. and if ho realised all 'he contemplated, then it would be the best bankruptcy from a creditor's point of view in the history of Christchurch. Personally, he did not think creditor?; would get anything out- of the estate. The book debts he considered worthiest- He would suggest the adjournment of tho meeting to enablft bankrupt to have an opportunity to sell his option on the North Island property. He would call them together again if there was anything realised. This cour.se was a creed upon.