IN BANKRUPTCY.

Press, Volume L, Issue 15115, 3 November 1914, Page 4

IN BANKRUPTCY.

ESTATE OF WEDERELL BROS

A meetinj; of creditors in the estate of James Percy Wederell and John 'vichard Wederell, hotel proprietors, of Akaroa, was held at tho office of the Official Assignee (Mr G. A. Sraythe) yesterday. The Official Assignee stated that the two brothers, in July, 1913, entered into partnership as proprietors of the Hotel Motropolo, Akaroa. John Percy Wederell conducted most of tho business transactions, but in April last disappeared, and his brother had conducted the business for a time. Both bad been adjudged bankrupts, and the assets in both cases were practically the came. The statement of J. P. Wederoll showed estimated book debt* £60. It was stated that a case of binls would realise about £2u towards tho assets if secured. The Official Assignee said he thaugKt the bii'ds could be ircluded in houses hold furniture. J. It. Wederell, he considered, had had- very little to do with the business nart of the arranger ments, but the books were very rouch and difficult to follow. A tourli statement of receipts and expenditure from July 14tl>. 1913. to May 9th. 1014. wis as follpwe:-—Total receipts, j£2P33 10s 9d; exoendituro: wage* £100 3= 3d: rent. £203 7s: stock and goeds. £1404 18s 9d: insurance and rates. £12 12s IOd : dra-wir-Gs. £337 Us 7d,: coneral expenses, £303 12s Gel: pay outs. £160 12<i 5(1 : anndries (including sett'pment toe £20. and licenso fee £40). £S7 0s 9d. Tho total liabilities were £648 lls 7d, and assets £193, learing a deficiency of £456 11s 7d. It was statpd that Mesera Fletcher. Humphreys and Co.. claiming Focuritv over the lease, furniture, and stwk had sold up. the amount renresented being £S1 10s 9d. The O«icial As«ignee eaid he would investigate tho transaction. The proceeds, 'it anpeared, ought to be available to creditors. Some, discussion ensued on tV oup«tioi pi tbo advi«abii;tv of brirgina J. P. Wedo"p'l back it was unde'-stood he had gone, but it ■was acrreM that ro cood ■ourposc coiiW be served unle** there was auythinp proved a«Tiinst him. The QIHal said t'io only T»rnsnects o* a div : w"-<» hoolc debts, an +'ie sal<» of th<> funitn-n ,<=to"k. Ho would consult t'>o Crown Law offioer in reca-rt to the Inttrr, in the meantime fll l +hey could do was to adjourn the meeting.