THE BANKRUPTCY ACT.

Evening Star, Issue 7474, 19 March 1888, Page 3

THE BANKRUPTCY ACT.

Itß A. R. LIVINGSTON. An adjourned meeting of creditors in this estate was hold this afternoon. Thera wore nearly a dozen creditors present. Mr Solomon appeared to advise the Assignee ; Mr Duncan for the bankrupt. The Assignee said that the mam business before the meeting was the consideration of the tenders sent in for tho estate. These having been opened and discussed, it was moved by Sir Wilkie, seconded by Mr Caffln, and carried unanimously— 14 That Messrs Cowan and Co.’* tender for tho stock in Princes street (as per list LI, 157 Is 2d), viz., L9OO, and for stock, ntachineiy, and plant in Crawford street (L7OB 13s lid), L 440 be accepted. Fixtures in Princes street shop not included. Any fixtures in Crawford street included in the list which can be claimed by tho landlord to be allowed off the tender.” On the motion of Mr Caffin, seconded by Mr Dunne, it was resolved that Mr William Livingston s tender for the bcok debts, L 136 10s, be accepted. Bankrupt, examined on oath, stated that he had been in business in Dunedin for twenty-six years. He had not ascertained his position for some years past, except in regard to the Crawford street business. He had a balance-sheet of that made up eighteen months ago. There was then L2BO to the good for a period of fouiteen months. It was twelve or fifteen months ago that he first found himself in d fflculty. Tho cause was the fallingoff in business. His lease rat oat about that time. Ho was paying L 320 a year. Mr Wain offered *o reduce the rent if bankrupt would give up the back premises; but he could not do without these. He tried to clear off a mortgage on his property in Cargill street; that was how his rent got in anear. He was unable to keep up the payments for interest, and did not pay anything off the principal. Six months ago he had no idea that he was Insolvent. His property had been valued at L 2.050 for property tax. That was five or six years ago. At the last property tax valuation the property was valued at L 1,650 or L 1,850. Five years ago he mortgaged this property for L 1,250. He had paid to his father L 750 in connection with the property, sent L 330 Home to Cowan and Co., and put the balance into the business, Cowan’s account was an open one, dating as far back as the time he started in business. Four years since this open account was stopped, and all later transactions were by bills. Since the LBOO had been sent to Oowan and Co. the only payment made to that firm was about L 25, but a guillotine, originally bought from Cowan and Co., was sent back for them to sell. Cowan and Co, bad shown him every consideration, and he |had had hopes of being able to carry on until brought to a standstill by the Standard Investment Company. Cowan and Co charged him 6 per cent, interest. It was in April, 1885, that the draft of L3OO was sent Home, The Assignee said that the only thing against the bankrupt was that the books had not been kept as they should have been, and he (the Assignee) would have to mention that in his report to the court. The books had been very nicely kept so far as they went, but they showed no profit and loss account, and were therefore incomplete. Bankrupt’s brother who kept the books, did not know the liability to Cowan and Co. It was the old story of a man being loth to make up a balance-sheet and face his position. Mr Caffin moved that the bankrupt be recommended for his immediate discharge. Mr Pike (of Cowan and Co.) seconded this motion, which was carried, and The meeting was adjourned sine die.