BROKEN IN HEALTH

Evening Post, Volume CX, Issue 53, 31 August 1925, Page 8

BROKEN IN HEALTH

A CONTRACTOR'S BANKRUPTCY

CREDITORS' MEETING ADJOURNED.

A meeting of creditors in tbe bankrupt estate of Thomas Francis Bailey, contractor, Karori, was held to-day at the office of the . Official Assignee, Mr. S. Tansley.

The creditors present, or represented, were :—Messrs. Booth and Co., Ltd. (C. A. L. Tveadwell), Boon and Braid, Winget. Concrete Block Co, Winstone, Ltd., H. Hunter, A. H. Nixon, Criscoe and Co., Ltd., Smith and Smith (A. J. Mazengarb), and G 1. Jackson. The amounts owing to unsecured creditors totalled £2045; secured creditors, £3792; estimated value of securities, £4200. The book debts were estimated at £134; furniture, £170; surplus securities in the hands of secured creditors, £407. The deficiency was estimated at £1330. 1 The principal unsecured creditors were:—Charles 'Cathie £500,- Briscoe and Co., Ltd., £426, Francis Holmes £159, Winget Concrete Block £117. The secured creditors were:—Messrs. Booth and Co. £1000, Mrs. Garrett £630, •G. IT. George £600, L. E. Ballard £420. The debtor has real estate as follows:—Shop i and land, Main road, Karori, £1700"; ' house and land, Wallace street, £1700; four sections of land in Tisdall street, Karori, £700; total, £4100. . The Official Assignee read a medical certificate stating that bankrupt was suffering from. nervous debility, and that absolute rest was necessary for some weeks. The Official Assigriee also, stated that he had not received any written statement from bankrupt, but a letter had been- sent in by his solicitors, Messrs. Webb, Richmond, and Cornish, stating that Mr. Bailey was at present suffering from a. severe nervous breakdown caused through business difficulties, so that the statement which had been furnished. was incomplete in some particulars. They asked for an adjournment until Bailey had regained his health somewhat. It would be noted that Messrs Booth and Co., the largest creditors, were secured, Bailey having executed an assignment of the two Karori properties in" their favour seven or eight months ago. It was understood that both these yropcrties were held by Bailey, under agreement for sale and purchase, and Messrs. Tread well and Sons, solicitors for Booth and Co., had stated that they intended to exercise their power of sale. Mrs. Garrett was the' unpaid vendor of the shop property, and G. F. George, that of the house, property. The Karori sections would be worth at least £175. each.

Mr. G. Swan, who appeared for bankrupt, said that Mr. Bailey had come along to the meeting, thinking he might be in a condition to answer questions, and clear matters up, but counsel said he was. afraid that was absolutely impossible. Bailey had developed an impediment in his speech, and was unable to speak properly; therefore it would be a waste of time to go on. He applied for an adjournment for a fortnight... Mr. Treadwcll moved that the meeting be adjourned to a date to be fixed by the Official Assignee on receipt of a further medical certificate. The motion ■ was agreed to, aud the meeting was adjourned accordingly.