MEETING OF CREDITORS.

Dominion, Volume 1, Issue 293, 4 September 1908, Page 8

MEETING OF CREDITORS.

ESTATE OF PHILIP JOSEPHS. A meeting of creditors in the bankrupt estate of Philip Josephs, clothier, of Jolinsonville, was held before tho Official Assignee, Mrl A. Simpson, yesterday morning. Thero were six creditors present. Mr. Neavo appeared for W. Nisbet, one of tho creditors, and Mr: Hindmarsh appeared for tho bankrupt, whoso, statement of assets and liabilities was shown to' 1 bo as follows :— Liabilities to'' unsecured creditors, £761 13s. 6d. j plant and fittings,'£2o4'lsl; book debts, estimated to produce £30; furniture, £20; cash in hand, nil. The deficiency in the estate was set down at £447 12s. Gd. The principal unsecured creditors are: — W. Nisbet, Wellington, £200; Munro, Clarke and C 0.,. . Auckland, £199 7s. 9d.; Stewart M'Donald.and Co., Wellington, £87; National Bank, £Gfl; J. Hodgson, Auckland, £29 19s. 6d.; Roberts, Ltd., Wellington, £28 ss. 5d.; Ross and Glendiniug, Wellington, £27 12s. ; Empiro Loan Co'., £20. • Messrs. Luko and Co., Ltd., are secured for an amount of £28 15s. • In his sworn statement, the bankrupt set forth that ho commenced business in June, 1905, with a capital of £7, in Taranaki Street. With tho assistance of an overdraft of £50, lio was able to carry on for some time, subsequently extending the business. Owing' to, the small turnover all tho bills which became, duo could not bo mot, and consequently money had to be borrowed at heavy interest. A subsequent venture into tho wholesale business enabled most of the previous bills to be settled, but. new ones accumulated. A half-share in the concern was then transferred for £165, 'to a Mr. Healy, who subsequently sold out to Mr. Nisbet, who put £335 into tho business; tho latter .withdrew some time after, being given '£200 in "bills for his' interest, bankrupt agreeing to' meet all liabilities. Soon after, on the suggestion-of his creditors, ho'decided to file his petition in bankruptcy. Objection was raised by counsel for the bankrupt as to the status of the creditors' representatives at the meeting. Only one had a proxy in proper-form. It was therefore decided, to adjourn tho meeting till Wednesday rioxt, September 9, at 11. a.m.