THE BANKRUPTCY ACT.

Evening Star, Issue 7472, 16 March 1888, Page 2

THE BANKRUPTCY ACT.

RE THOMAS WOOD. A first meeting of creditors in the estate of Thomas Wood, bootmaker, was held yesterday afternoon. There were four creditors present. The liabilities were stated to be L4IG 18s 5d due to unsecured creditors. Assets, L 225, made up as follows -.—Stock-in-trade at Arcade, estimated &t L 150; book debts, LIOO (estimated to produce L 50); surplus from securities in hands of secured creditors, L 25; —total assets, L 225 ; deficiency, Ll9l 18a sd.

The unsecured creditors are: Thomas Burton (rent), LGO; Butterworth Bros., L 42 ; National Bank, L 54 2s 5d ; Henry Benjamin, L 120; Beath, Sphjess, and Co. (Melbourne), L4fi 2s; Lightband, Allan, and Co., L 37 ; Palmer, L 7 ; W. Bridgman, 10s; l)r Brown, L 3 3s; Smith, L 9 lis; Madyan, Ll7 ; S. Solomon, LG 10s; Gilmour, L!j 10s ; Mornington Borough Council (rates), L 8 10s. vSecured creditors : Equitable Investment Society, estimated value of security L 95 for debt of L7O. The Bankrupt in his examination stated that times had been so bad that he could not sell anything, and, in addition, he was burdened with a good deal of property which was mortgaged. Lately he had stood all day in his shop in the Arcade and only sold a pair of laces. This week he had sold a pair of slippers. The property had fallen in value greatly. It was resolved that the Assignee be authorised to accept L2& for stock and fittings in the shop over and above rent; failing that, ,to sell by auction. On the motion of Mr Esther, the bankrupt was recommended for immediate discharge. Ife said it was evidently a case of misfortune, and tji/e 'bankrupt had been persecuted by the folders .of the bill of sa}e. BE w. VWHSA meeting of creditors in the estate of William Timms, painter, was held at the Assignee's office this morning. The statement showed the debts to be L 76 19s 3d, all to unsecured creditors ; the assets, atopk-in-trade at Filleul street L 3, and furniture Ll2, total Lls; deficiency, L6l 19i 3d. The creditors were—W. Asher (rent). L4l 12s 6d; Dunedin Iron and Woodware Company, L3O 6s Od ; I. Isaacs, L 6. Bankrupt, examined on oath, Baid that he had been contracting for the last ten years in Dunedin. Hia separate earningß during the last six months had not exceeded 27s per wef k, The goods from the Woodware Company were got on an open account. He thought that part of that account was older than twelve months. The L 5 due to Mr Isaac was the balance of a sum borrowed by bankrupt for himself and another man. The other man had goue away and left him to square up. The Assignee said that the main point was as to the dates on which bankrupt had procured the goods from the Iron and Woodware Company. He (the Assignee) had asked bankrupt to bring a statement showing the details of this account, but he had not don* so,

i\lr Asher said that he was satisfied that there was nothing coming to debtor from the partnership. In answer to Mr Russell (of the Iron and Woodware Company), bankrupt said that he had twico made compositions with his creditors—one of 10s or 15s in the £, the other of 7s or 8s in the £. He had mortgaged to make these compositions. The house was sold' years since for L 235. Hie wife had recency stated in business as a ueoond-hand clothes dealer, and helped with the housekeeping. Bankrupt and his wife had seven children, the eldest a boy seventeen years of age, who was supposed to get 30s per week, but did not receive so much. Mr Asher said that he had lent Mrs Timms money Jo start the shop, and this had been paid back again. He would move that bankrupt be recommended for his certificate. Mr Isaac seconded the motion, which was declared carried by value, and the meeting was adjourned *»ie die. Ps g. wrnThe statement in this estate is as follows : Unsecured creditors: Bank of Australasia, LBS 15s 4cl; Union Bank, L74G 183 4d; G. Bell, L2O; Fergusaou and Mitchell, L 3 3s Gd ; Mollison and Co., L 9 6s Qd ; New Zealand Insuranco Company, L 94 18s ?d j 'Otago Daily Times,' LIS 2s ; D. Reid and Co., LlO6 17s 8d; Paterson and M'Leod, L 8 19s 0d j John Mill, LI ', R. R. Kirby, L 39 6s 5d ; Humor Board, L2 7a Gd ; W. L. Philp, L 5 ; William Kay, L 4 16s Cd; 'New Zealand Journal' Company, LI JOs; Lane and Brown, L2lO 3s 8d; Hesketh and Richmond, L 6 17s ; Captain Held, Ll7 5i M; Graves (Tasmania), L 360 5s ; Facy and ' f'ishfcr /Tasmania), L 7 17s 7d ; Laybourn and Co , Lis l£a .8d j A- J. Root (America), Ll iOs; J. W. Raymond, LI 14s Id; J. W. Seymour, 18s 2d; total, L 1.783 8s 4(1, Secured creditors ! W. T. Winchester, L 278 10s lid ; estimated value of ceourity, L 120; deficiency to contra, lim Via IJd. Total debts, L 1.942 8s 3d. Assets'- %oob dfibta, L 1,098 ; furniture, LHO; Bhwoa in .Otago Pyrites Company, L3O Ss. Total assets, jCJ,2&B. So, Deficiency, L 704 3s 3d, "