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MEETING OF CREDITORS, Issue 7910, 18 May 1889
MEETING OF CREDITORS
RE JOHN GRAY. A first meeting of creditors in the estate of John Gray, of South Dunedin, butcher, was held at the Official Assignee’s Office yesterday morning, and was attended by five creditors. Mr Solomon appeared for the bankrupt. The bankrupt’s statement showed:—Liabilities to unsecured creditors, L 242 15s : liability to secured creditor, L 364 (estimated value of security, L 800). Assets: Stock-in-trade, L 5; book debts, L 125 (estimated to produce L 45); furniture, L2O ; surplus from security in the hands of the secured creditor, L43C; total, L 506. The principal unsecured creditors are; Wright, Stephenson, and Co., LSB; City Corporation, for rent, L 4 9; Wilson Bros. (Kaikorai Valley), L 5 5; Donald Reid and Co., L3O; James Lennon I Peninsula), L 10; New Zealand Loan and Mercantile Agency Company, L 8; M'Callum and Co., L 5 15s ; John Fleming, L 4 10s ; Mercer Brothers, L 4 10s; S. G. Smith, L 4 ]Os ; Hordern, Brayshaw, and White, L 4; Haynes and Puddy, L 3; A. Eandell, L 3; J, Barr, L 3. The secured creditor is Sydney Goldsmith, of St. Leonards, whose claim of L 364 is secured by mortgage over a corporation leasehold of nine sections at South Dunedin, with buildings, the security being valued at LBOO,
The Assignee said the property was the principal point as regarded the estate, and Mr Park (the auctioneer) considered it a valuable one. There were several cottages on it to let; and if the shop were let to the bankrupt, who was willing to take it at a rent of LI per week, there would be a surplus of L 75 over all outgoings except the mortgage. He thought it a pity that the property should be sacrificed, as there was a very considerable margin over the mortgage. Mr Solomon said the immediate cause of the bankruptcy was that notice of foreclosure had been given by the mortgagee, and there was also pressure for rent by the Corporation. The Bankrupt, examined, said ho had been, nine or ten years in business. In October, 1884, he was worth LSOO cash, free
of debts, and then bought the Coiporation leasehold at South Dunedin, for which he paid L2OO cash, and afterwards spent LI4O on the shop. He then borrowed L 250, and built another house at a cost of Ll4O. With another LIOO, borrowed from the same mortgagee, he built a house that cost L 220. About the same time as he bought the leasehold he bought a cottage for LSO and spent LIOO on it. Altogether, he spent LB2O hard cash, including L2O for fencing. _ About two years ago he began, through ill-health, to get into difficulties. For several months he was unable to do any work, the business being carried on for him by his wife, Mr Randell buying for him. Sometimes he had a man and a lad in the shop. He attributed his insolvency entirely to ill-health, bad times, and bad debts. If the property were sold at its value there would be a surplus after everybody was paid. It was resolved that Messrs Wilson Bros.’ claim for goods supplied during the present week should be treated preferentially; also that the Assignee be authorised to arrange with the mortgagee regarding the sale of the property. On the motion of Mr D. Stronach, seconded by Mr A, Randell, it was resolved unanimously to recommend bankrupt for his discharge.
MEETING OF CREDITORS, Issue 7910, 18 May 1889
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