BANKRUPTCY.

Evening Post, Volume LXXXI, Issue 75, 31 March 1910, Page 8

BANKRUPTCY.

MEETING OF CREDITORS."" A HOTELKEEPERS ESTATE. A meeting of creditors in the bankrupt •state of George Pinnock, licensee of the. Commercial Hotel, was held to-day, theOfficial Assignee (Mr. A. Simpson) presiding. Mr. A. L. Herdman appeared for the bankrupt, and there was a considerable number of creditors presem. Mr. Skerrett appeared for the petitioning creditors. Messrs. Hamilton Gilmev and Maguire. The Official Assignee said he called the meeting so as to enable them to decide what should be done with tke hotel. The bankrupt had not yet been able to furnish a written statement. The amount owing to unsecured creditors was £3760 14s 6d. The list of secured creditors, which was not complete, included Mrs. Grace £3052, Sir James Prendergasi- £800, Phoenix Aerated Water Company £1000, Bank of New Zealand £3853, making a total practically <rf £8706. He had no valuation of the securities, therefore the statement was not complete. On, the creditors' side, bo far a£ he had been able to ascertain, the stock at the farm at Mungaroa was val-' ued at £1500 estimated to produce £112, cash jn hand £45 ss, furniture iii the hotel £5556, estimated to produce £4500, furniture in Trocadero £2000, shares in the Miramar Land Company £250, goodwill of the Trocadero £1000. He would like to get an opinion from the meeting as to what was to b© done with regard to the Commercial Hotel, and the* Trocadero. The license of the hotel had been transferred to an agent, and everything was going on satisfactorily. The takings during Easter had been very good, and he did not think that any loss would be occasioned in that way. The landlords were, he, believed quite willing to let' the hotel be carried on, and it a suit-able tenant was obtain-ed they would have no objection to a transfer being made. They were very anxious that a tenant should be obtained. If that was not done they would have to ioiecloso on the lease, as the Tent was in arrear. Mr. Martin. Kennedy said he was told that tho takings were considerably greater since than before the bankruptcy. I'he Official Assignee said he had not yet seen the books. He would be abl© to answer the question at the next meet^ ing. He was given to understand that the takings were much greater than at this lime last year, but that might be on account of the holidays. He added that the bankrupt had no excuse for n"t preparing his accounts, because he gave up possession of the hotel on Thursday last. Mr. Herdman urged that the bankrupt had not had much time. This was not a. small bankruptcy, and he had had an expert accountant engaged to make up the statement. The Official Assignee said that the bankrupt, if he kept proper books, ought to have been a-ble to present a statement of his affairs in the time available. Mr. Skerrett said it was quite plain that the business of the two hotels would have to be disposed of. That was essential in view of the state of the bankrupt's affairs. Also, he understood that Mr. Pinnock was carrying on a motor-car business, in connection with which it was alleged he owned a number of cars. It seemed to him that the Official Assignee ought to make the most exhaustive enquiries into that mat - ier, and in the meantime he ought to take possession of the cars. Also, for a long period, aa far as they could judge, Mr. Pinnock had been receiving large takings from the hotel, and had paid nothing. He believed that the rent of the Commercial Hotel was about £#00 in arrear, aud the rent of the Trocadero was also in arrear. The Official Assignee could enquire into the truth of those statements. The Official Assignee said that since the lodging of the application for adjudication, Mr. Pinnock had thought proper to lease the Trocadero for a year at a weekly rental of £45. Mr. Lewis : That is invalid. The Official Assignee agreed. Mr. Skerrett: You will, of course, take no notice of it. Mr. Pinnock said he was trying in that arrangement to do the best he could for his creditors. He understood that it was a weekly "tenancy. After January next tho tenant was to pay an extra £5 a week. He thought the tenant would be quite willing to go out any day. The Official Assignee said the landlords had a liability over the furniture for £1700, which they would have to pay. Mr. M. Myers (for the Official Assignee), in answer to a question, said the rent of the hotel was £75 a week, reducible to £65 if the liquor was obtained from certain quarters. The rents from -ihe shops amounted to £11 a week. The tenant also paid the rates and insurance. ' Mr. Herdman, in further explaining why the bankrupt had not prepared his rtaiement for the meeting, said the forms wtve only sent to him by post yesterday, and he handed them to Mr. Clark, the accountant, who had been busily engaged dealing with them ever since. Mr. Clark was unable to piesent a full statement of the position beca-use he could not get the properties valued, and several to whom Mr. Pinnock owed money had not yet sent in their accounts. After considerable discussion, it was decided, on the nration of Mr. Lewis, that lenders be called for the hotel a& a <joing concern, specifying the goodwill and separate amounts for furniture ; that separate tenders be caHed for tho lease of -the hotel and furniture; that alternative tenders be called for the goodwill of the lease, the purchaser to take stock and furnituie at valuation. As to a matter mentioned earlier by Mr. Skerrett, Mr. Herdman said there were nine motor cars. Three of^, them were purchased three years ago, when Mr. Pumock was in the Trocadero and perfectly solvent. They were purchased with money which belonged to his business. It was true that leceipts were given in Mrs. Pinnock's name, but Mr. Pinnock said that he made her a gift of the money to buy them. The other cix cars nad been purchased from Messrs. Ingles Bros, by Mr- Pinnock. Bailmenus were held over them by Ingles Bros-. The bailments were taken about twelve months ago. The meeting then adjourned, tho Official Assignee stating that he would call a further meeting at the earliest date possible.

Advice has been received by Mr. T. Young, Consular Agent for Japan, to the effect that the Japanese cruisers Soya and Aso, now in Australian waters, will •ot visit New Zealand. The cricket match between the Australians and a Hawkes Bay eleven has been abandoned, owing to the bad weather, gtates Press Association advice. Some of k the visitors wrR leave for Australia to- \ morrow ; the remainder will return home A piext week. \ The Land Board decided to-day to Vrfeit the interests of several lessees Vr non-compliance with the conditions \ which the sections were taken up. Vild cattle are to be found on Vart Island. They are shot for tlie ' \o£ their skins.