Creditors' Meeting.

Daily Telegraph (Napier), Issue 5288, 3 August 1888, Page 2

Creditors' Meeting.

RE H. B. REED,

A meeting of creditors in the bankrupt estate of H. B. Reed, of Napier, contractor, was hold at tho Court-house this morning. There was a good attendance of creditors. Mr Dick appeared for the debtor. The statement showed unsecured creditors at £814 os lid, socured creditors jE3I4 IBssd, lees estimated value of securities £540, surplus to contra £225 Is 7d; total' debts £BHsslld. Stock-in-trade at Napier and Hastings £30, book debts estimated to produce £8, furniture £70, property £45, lurpltisfrom securities in hands of secured creditors £225 Iβ 7d, total assets £378 Iβ 7d * deficiency £43G 4s. The Bank of New South Wales held a security of £314 18s 4d. The debtor deposed he had been in Hawke's Bay for about sixteen years. Had been in partnership with Mr MoLeod in contracting, which lasted for about three years, after which it wasmutually dissolved'%"-*>-i Took about £600 out of the partnership, *• which were mostly profits. Then took aa hotel iv the Seventy-mite Bush in 1877 near Takapau, and was there for eighteen* months. Lost all he had by that undertaking, and was bankrupt then.; that would he about 1879. Got nis discharge in 1880, Only one creditor proved in the * estate, Mr" Gilberd, and no dividend was paid in the estate. Again started business in 188 G. Had some good and bad jobs at contracting. Had taken for contracts, approximately, £11,468 but tho wages amounted to £2400, material £SSOO, and housobold expenses, £400. First found hiinaolf ia difficulty last Christmas, through the trade being out up so much, illhealth, and losing on two bad jobs,'the Wairoa Hospital, and Mr Enowles's house. < Had had three meetings of bis creditors. Tho first meeting was adjourned to see whether ho could compromise, and found that by borrowing more money on the houso that he would not bo in a better position than before, not being able to pay a substantial dividend. The second meeting lapsed for want of a quorum. Had a third meeting of oroditors, and the principal creditor offered to take the estate by pavingthree shillings in the pound. There wore only six creditors present ai that meeting, and" tho proposition was over-ruled, ao ho was advised to file, in cousequonce of ths , pressure by the Bank. '"' Mr T. Sidey thought the bankrupt should have prepared a statement of how the monoy had been lost during , tho last two' years. The debtor, in reply to a creditor, stated that he lose about £SOO on the two bad jobs. Mr Sidey said it would be satisfactory to the creditors if Mr Reed prepared a statement showing the money he made on contracts, nud what ho hart lost and thon the creditors could bilk the thing over. Aa far as ho heard, since Mr Keed had started on tho contracts, he had made profits on ioveral jobs. Mr Keed, as far iv he understood, had made profits on tho Gaiety Theatre, the H»rald office, and Mr J. Sidey'e house. If such a statement vera handed in. then they could sen what to do. ; L

Debtor continued: Wus insured in. the Government Life Insurance office for £300. A resolution was oarried that tho debtor bo asked to prepare a statement showing iiii detail receipts and expoudituro on contracts since he started business for himself in 1886. .' Tho meeting adjourned till Monday after- ' noon at tnreo o'clock.