A DECEASED ESTATE

Dominion, Volume 22, Issue 266, 6 August 1929, Page 7

A DECEASED ESTATE

DISCUSSED BY CREDITORS QUESTION OF INSURANCES A meeting of creditors in the bankrupt estate of the late Leonard Osborne Atkinson. public accountant, who lost hia life through his motor-car going over a bank in Carlton Gore Koad, Roseneath, early in the present year, was held yesterday. The Official Assignee (Mr. 8. Tansley) presided. A statement presented by the ex- , ecutor of the will, Mr. S. G. Stephenson, states that £lOO was yet to be received by the estate as the balance of the purchase price of the goodwill of deceaseds practice. All the assets of the deceased had been realised/with the exception of a collection of books on salesmanship. The assets, which had realised £195 145., were made up as follow: —Insurance on motor-car, £BB 2s. 6d.; proceeds of furniture and office fittings, £75 155.; out* standing fees collected, £2l 6s. 6d.; amount received to date on account of purchase price of goodwill, £lO 10s. The disbursements were arrears of rent (£46 Is. -id.), cartage (£1), and funeral expenses (£69 Is. 4d.), leaving a balance in hand of £126 12s. Bd. Mr. J. S. Hanna, who appeared for the New Zealand Sports Service, asked for information as to the insurance policies received by the estate. The creditors, he said, were entitled to the fullest information. Mr. Stephenson said that apart from the motor-car insurance, life insurances collected totalled £1904 6s. 3d. This sum was made up of five policies of various amounts. One policy of £250 was mortgaged, and at the time of Atkinson’s death £l4O was due, this sum being deducted. Deceased was a contributor to the National Provident Fund, but was not in the fund. long enough to. receive the benefits. All that Atkinson’s widow received was a refund of contributions amounting to £7 9s. 6d. The £BB 2s. 6d. realised for the motor-car was secured under a hire purchase, and had been accounted for. In answer to a creditor, Mr. Tansley said that the amount owing to unsecured creditors was £1758 6s. 2jd. Mr. Stephenson said that a great many rumours had reached his ears that the insurances were something like £3OOO. That was all nonsense, and the only insurances were those that he had outlined to the meeting. The following motion, moved by Mr. Harina, was then carried: “That the Official Assignee take the advice of counsel as to the rights, if any, of the. creditors against the proceeds of the various policies of insurance, particularly against the policy that yielded £797 Bs.” The Official Assignee said he thought that the proper thing to do. There appeared, however, to be very little in the estate. There might be just a chance that some of the insurance money could be attached, but he doubted it Mr. Hanna said that his clients had a claim for over £4OO. If there was.to be any dispute about it, and the question of it being rejected,, he suggested that a resolution be carried respecting it there and than. He would then guarantee to take action within 48 hours to prove the claim in the Supreme Court Mr. J. L. Arcus said that deceased had worked for him for many- years, and that he had the greatest respect for him. He was of opinion that there was an asset somewhere, but no one had yet been able to find it. On account of the money that passed through Atkinson’s hands after he left his employ and up to the time of his death, he believed there was a fund. The indications were that Atkinson could not have spent' the money he handled. He was satisfied there was a fund, and that it would be accounted A Creditor: Atkinson may hare made some investments that we do not know Mr. Areus remarked that he agreed with Mr. Tansley in that he did not think there was any possibility of reclaiming against the insurance money. . 1 ’Cfie meeting was adjourned sine die.