BANKRUPTCY.

Dominion, Volume 1, Issue 184, 29 April 1908, Page 9

BANKRUPTCY.

• • ESTATE OF GARROD ORSBORN. A' meeting of creditors' in: tho estate of Garrod Orsbom, dairyman, Wellington, was hold before .'.the Official Assigneej Mr., A) Siihpsoiiy yesterday. ' : Mr.. Gdolt appeared .'oil behalf bf ,the bahkriiiiL • Tho Statement of' fiiiaiices showed that th 6 amount ■ owing -t6. unsecured- creditors'was £296 ; 25.'; 4d: j s&Sfed; creditors, £28. - Tho estintatetl-.valiie of the Securities jivas. set down rat £56,' iMrifig !i surplus :to : contra of £28., 'ViThe i: iissets 'alliolilited. to £15 los.-Jld., ledv'iiig a total deficiency in the estate of £252 6s. od it ■ 1 . Tho batikMjit's '.tftafeilMaitjfl&t he •had carried oil -business as' a- i dairyman iin vCuba i Str^t, ; aficl r tjiat.pMyious]3', l '.for a. period-. of"'eight;; years;-; la-'.fijmilttr. ..business • had,:, been earned on in Willis, Street.-j During,his oc'-, cupancy of the; premises -in Willis;; Street,. ; -.pulling doW'and-rebuilding operation's were, instituted at short notice, and tho milk andcream becoiflo taintedand'.his busWriiers.declined ln-nuirlter. ifiis.trido llad.prcVioUfely, atriouiitcd til'soo' gallon j 'of milk .weekly, in addition to ofeahi. 11l jiiiie, 1907, . bdnkhipt sold his,. biltSidb CbliKetStioii' to Messrs.. Orsbom' 1 and Lake;, (also horses, carts; . arid utfcfisils), fdf; £iOO.. . jHis.'Suin tv(i§ paid .cut/ iii ttfbamqiihtsl'rflo of £?2, against a: debt of 1 £140, 'aiid,:another of. £28, again'si ; a-.t>ail« .ment' ovfer. the cartsdiicl horscS. The shop 'trodo' for nine.months. previous,, to 'the),date of. filing anioiiiited'to about thirty'"customers. Bankrupt; attributed, his. lossos to illness and .medical^expenses; loss, of trade in removing from Willis Street td Cul)A : Stre6t ;':differiP;uce in Irent" between the two 'Shops, (a); £9,':105. per';iii6nth, ni'id '(b) '£22 15s. pfer''nibnth;; ■judgment,; Againsthim f6r : £4f) for breach of contract: ■' - ■ / . , An* offer of 2s. Gd. iii .the.fi.Jiad-.been'de-clined/- and bankrtipt's; aff&irs. wore subsequently -investigated by. Mr. Gold, accountant, who recommended a payment of os. in tho '£.- : Bankrupt waS liliabj©'■ to. clo 'tln'8 t as ii £32 J , in favour of his largest creditor* had been collected from bis bank accouliti,- The business during'the past six months -liad .paid its way, and a hailriiont of £56',had Item reduced,to £28. ■' A subsc: quent. riffer 6f 'ss.;in the, £ was declined,, and bankrupt: had • no, bptioii but to file. •' He oould itialco iir> oifon, 1 '■"; ' Tho following are i tho . principal creditors in tho estate:— I Thompson Br(xiij ;£3l 7s. 8d:.;,Levin arid Co.',' Ltd;,; .'£l9 13s; 2d;;: M'Ewpn and C0.,/Ltd., £14 Bs-. 3d. i Pearson and Rut,tor, Ltd., £28 165.; A. Coy, Shannon, £14. 10s.; .E. A. ITouorhtoiii Kair.tnga, £51 2s.} Murdoch and Wallace, £1(3145.; Lyons, Ltd., unsecured: 0.- G(. Home, Welling-, ton, is 'secured by. a. bailment, for £56, : over, furnitnre,' ete. •. As there was not, a quorum 'present'.-'no' formal resolution <wati come to., : - Mr. Nationi for; Levin and .Co./. Ltd;;, said'that the' creditors were .extremely .dissatisfied with tho state of affairs disclosed! J- Since the bankrupt. removed to. Cuba . Street, tho cash turnover had been. £50 weekly j but there, was no apparent profit. . An investigation had been madej and, bri going into it 1 in figures, it was cleftt that bankhiiit had netted altogether. £200, after deducting living and business expenses. Ho (Mi - . Nation) would'ask the Official. Assignee to go -veTy carefully into Orsborii's affairs, and ascertain how, with a- cash turnover of' £50 weekly, the bankrupt hid/managed to get. into his pre-" sent position. • . , Thfl hatlkfUnt: "Tlifl turnover did net aver- : ago' £50 weekly. 'It gradually rose, week by ,weok,.tn that nmolint.'f ~ , Mr. Cdok explained, with reference to Mr. Natien's 'remarks, that all auditor , bad investigated tho accounts and reported that the business was not tt'drth Carrying ofi, recommending a settlement with the creditorsfon a ■basis of ss. ill tho £. Orsborn had been dealing on, a-cash basis just prior to filing his petition. - • .'■■■-. .. ~ -. The Official Assignee: "It in a pity ho did' i not trade on cash principles Ml through."He might say that it was a most unsatisfactory bankruptcy, and on receipt, of the necessary papers lio'tvould pto vfry carefully into tho matter. /Bankrupt, hid goho into , this thing with l)is..eyc_s open. Mr. Cook, roforrinn; to his own bill of costs rondered to tho bankrupt, said that' tho amount represented tho costs of about eight dascs.; ' ■ - '' ' Tho proceedings wero tlion adjounied sine die. . -