PECULIAR BANKRUPTCY.

Dominion, Volume 1, Issue 171, 13 April 1908, Page 4

PECULIAR BANKRUPTCY.

: 6 —-•; ■ '', -. , ' 7,' '" A SURPLUS. " REMARKS OF THE ASSIGNEE. . (81. TBLEGEArn.—SPECIAL CORBESPOKDZHT.) Auckland, Aprif' 12. n The somewhat unusual cccurrcnce'of a sui*plus in a ''bankrupt estate was revealed"* yesterday at'a meeting of the creditors of Thomas ' Pcthj'bridge, house furnisher,, of • Auckland. ; , The liabilities in ; the . estate V ara £1505,'25., and tho assets are'set-down at' £2960 os.>'3d;,'leaving-a surplus of . £1474 •18s; 3d. . The assets'"cempriso stock' in I l 'trade'' estimated' at £2025, book debts , estimated to produco £250, plant £137, equity oil lease £143, furniture £82 os.-- 3d.,' cash in. hand. £27,125. Id., surplus' from secured creditors £315 7s. lid. • ' . *.• :The debtor's statement showed that ha commenced' business' on. December.23, 1905, with v .a. capital'of £217.195. Sd. .' On. March J. 6 his premises.', were destroyed by. fira and water, .which affected over £1000 wortn of stock.' Ho. received £294 from the insurance company, but eitimated his- loss...at £300 ' Trade was good till February, 18Q3,; when - there was 1 a, considerable. falling off. '..Hp filed the petition in. bankruptcy in March as a consequence of-the .pressure of, two of, liio 1 creditors,,' '. . The Official Assignee (Mr. Gerard) said he * had had .the siqck-taken out, and found it to bo .worth fully £200 more than was anticipated,. svhich, allowing lor - contingencies, Showed that tho bankrupt had a.surplus of over. £1400. .Ho had every reason to ■ be--lieve that,the estate would turn-out favour- ' ably,, and it seerped to him almost,a . pity that. this. mail.was.asked to file... It.seemed : to him, that' there, was almost, no need foi it. The stock v.-aa of such a nature that lie could.not forecast how it would, sell; It was new, and exceptional care- had been ; taken of it. - The books . had , been .kept • in .good order.- He proposed calling for tenders, for the stock. . . . . ~ . .. -. . ... A-creditor., stated that, at ■ the original meeting' 1 there was nothing whatever .against the bankrupt.- The estate was assigned because the merchants thought that the. Assignee knew hbtter how to deal with, the matter- •. than . anybody •. 'else. ~ Tliev - also thought, tho'"case wa3 to be dealt with privately.- (•' ' , ... Another creditor remarked that tho est'ata showed I 'So well that it was thought possible Lliat tho bankruptcy would bo avoided. 1 Another creditor: I was treated ill a most unbusinesslike way.. Mr. Gerard said it was the creditors' business how they treated- the'-'debtor. It; was !r.s (th" Assignee's) business to see that tho .lividend was as much r.s possible, and if there was a surplus in a particular estate it iras his duty to take' core of tho bankrupt.' I'he estate with which they were defiling Owed an .undoubted surplus, although it lidnot shqw-20s.,in the ij now. '1 he creditor:) diricled to allow tho bank- ' •upt his household furniture. "The realisation, of tho-estate was. loft in the hands ol .he Assignee.. : . • . ■ - :