BANKRUPTCY.

Dominion, Volume 1, Issue 160, 31 March 1908, Page 10

BANKRUPTCY.

MEETING OF CREDITORS.. -' A meeting of creditors in the bankrupt estate of Archibald Arthur Colin Stewart, land agent, of Wellington,, was held before Mr. A. Simpson, Official Assignee, yesterday morriing. Mr. Dunn appeared for the bankrupt, and Mr. M'Grath for Mr. Hendry, one of tho.creditors. The Assignee,, referring • to_..' bankrupt's delay in forwarding details of his assets and liabilities, took strong exception to this practice. The regulations under the Bankruptcy. Act distinctly stated that Statements A'and B of assets and liabilities in a bankrupt estate: must bo sent in within three days. Tho bankrupt, in a sworn statement sub'mitted, said that in September, 1898, he took up a farm at Makuri, part freehold and part leasehold, from Cotter Bros. In' 1905, owing to the low price of Wool and, stock in that and previous years, and the fact that he was unable to raise money on the farm, bankrupt was forced to sell. At that time he was indebted to the extent of £1188, and had been unable to reduce that amount since. After leaving the farm he had been employed as a traveller on commission, and later, joined the firm of Mackay and Wishaw, land agents, as manager of their Wellington branch, afterwards taking over that business when the. firm dissolved partnership. Bankrupt had only been able to earn a living at the business. • During the last six .months: creditors had pressed, and ho had recently been arrested .on a warrant of 'committment, arising out .of an order against him by the " N.Z. Times Co., Ltd., made out owing to his non-attendance at the Court. . Tho judgment creditor and his solicitor refused all proposals made by bankrupt re settlement, and he had no option but to file. . " Tho statement of assets and liabilities was as follows: —Liabilities, unsecured creditors, £1412 lis. lOd. Assets, nil. The principal unsecured creditors are:— N.Z. Loan and Mercantile Agency Co., Ltd., £850; Wairarapa Farmers' Co-operative Association, Mastorton, £200; Abraham and Williams, Mastorton, £60; Donald and Sons, £60; T. Cottor, Dannovirke, £40; ''N.Z:. Times" Co., Ltd., £30; Sir Konnoth Douglas, £32; C. B. Buxton, £20 7s. 6d.; W, Somerville, £20. Bankrupt was married, but had no family.^ As .there was not a quorum of creditors present, no resolutions were passed, and tho bankrupt was ordered to come up for dispharge in four months.