MEETING OF CREDITORS

Dominion, Volume 10, Issue 3163, 15 August 1917, Page 9

MEETING OF CREDITORS

j ESTATE OP FRENCH ANI) HAMPTON A meeting of creditors in the estate of Angus Clyno Sutherland French and William Henry Hampton, trading as French and Hampton, builaers, was neld in the Official Assignee's office, Lambton Quay, yesterday. Mr. S. Tansley, Official Assignee, presided. Mr. C. W. Tanner represented 'tho bankrupt Arm. A majority of tho creditors were represented. In their statement tho bankrupts said: ''Tlie immediate necessity of filing the petition in bankruptcy was prcssuro by creditors. For somo time, owing to tha difficulties of labour and cost of material. business lias been carried on at d loss. Only -£.'i per week has been drawn by cach of • tho partners as wages for tlie last three years, out of business dono during 'that time. There are no private debts."

Tlie amount owing to unsecured crcditors was set down at <£1020 2s. Id., the principal creditors being C. and A. Odlin (Wellington)', .£SBO 17s. lid.; J. Duthie and Co., .£BO 3s. 3d.; A. and T. Burt, Ltd., J213 175.; J. Chambers and Son, .£9l lis. Gd.; Mainland and Barr, £25. The amount duo to secured creditors totals £65 ss. Tho assets are estimated to produce £307, book debts being £210, stock-in-trade in Wellington and Day's 13ay £90, and cash in hand £7. The personal estate of W. H. Hampton showed assets—furniture totalling £50, and no debts, while that of A. C. S. French showed a surpfus of £350. Neither bankrupt had any unsecured creditors. Mr. Tansley stated that he had examined tho books of. the firm and verified the statement that the bankrupts had drawn only £3 per week each. Ho had inspected the property owned by Sir. French, and valued bv him at £500. He did not think that tlio avluo.had been under-estimated, and was of opinion that they would bo very lucky if they got that amount. An independent valuer had valued the stock-in-trado at £73 12s. 6(1. There was some discussion regarding a coucreto mixer and an engine, which were claimed by Mrs. French on advance of £100 for their purchase. It wm maintained by the creditors that in tho oriitnary course Mrs. French would: corns in as an unsecured creditor. Eventually it was decided to linnd over the mixer to Mrs. French in full settlement of her claim. .Tho opinion was expressed that it would not bo long before a discharge would bo granted .™\tho possession of the mixer would help Mr. French" to make a new start. ITr. French thanked the creditors for their generosity in fife mattor. With respect to Mr. French s property, a small committee of supervisors, to act with ffie Official Assignee, was appointed, and the committee wiis given power to wind up the whole estate. Mr. ,C. W. Tanner stated that Mr. Hampton had enlisted and was to go into camp'next month, and he desired to set his discharge as early as possible. The meeting adjourned sino die.