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MEETING OF CREDITORS.

Rfc D. YORSTON. A meeting of creditors in the estate of David Yorston, of Dunedin, carpenter and buildor, was held thiß afternoon. There were eight creditors present, and Mr J. Macgregor appeared on behalf of the debtor. The statement was as follows:—Liabilities to unsecured creditors, L 346 6s 4d. Assets: Stock-in-trade, L6O ; working tools, L 6 ; furniture, L 25; total, L9l. Deficiency, L 255 6s 4d. The creditors were —James Gilmour, L 158165; A. Tapper, L 8 8; Paterson and Barr, L 26 4s Id ; A. and T. Burt, L 24 3s; J. M'Conical, L2O; A. Wilkinson, L 7 7s 6d ; G. Hutchins, LC 10s; M'Kewen, L 5 2s 3d ; and others for smaller sums. Mr Macgregor said that there were two book debts, but debtor had not put these down in his statement, because they were disputed. One was a balance of L 32 on Bannatyne's contract, and the other a debt of L 6 from the Corporation. The lastnamed was not disputed, but an order had been served on the Corporation, prohibiting payment. The Assignee said that his bailiffs valuation of tho assets was—in the yard and shop, L3O; L4O 3s in the house ; and L 5 for clothing. But what was in the house was claimed by Mrs Yorston, who had earned money herself. If Mrs Yorston's statement was correct, and he (the Assignee) had no reason to doubt it, Bhe was entitled to the furniture.

Debtor, examined on oath, said that he had been in business off and on for about eight years. He first got into difficulties over Mr Bannatyne's contract, a little over a year ago. He estimated his loss by that contract at about L4O, exclusive of the L 32 still owing. He also lost L3O by Dr Ogston's contract, and about L 250 by Mr Geddes's contract for a place at Montpellier. The Assignee : It is very unsatisfactory, this carrying on of contracts at a loss and asking your creditors to pay for it. It is the old story —taking contracts at too low a price. Mr Macgregor : It is the only way to get work now. Mr M'Gonigal said it was not the only way, and proceeded to say that Yorston had told him that Geddes's contract was for L 895, whereas it was for only LBOO. _ Debtor denied that he had ever said so.

After discussion, Mr Burt said that on February 8, when debtor came to him in connection with the contract, he (Yorston) made a statement which was utterly at variance with the statement now made as to his position at that time. He represented then that the house he occupied was his own property, and that he had no debts outside of the present contract. The Assignee said it would be as well to hear what Yorston had to say about the house, and in reply to questions Debtor said that the house was in bis name until four and a-half years ago, when he put it in Lis wife's name. The Assignee: No doubt this is a misrepresentation which fullly entitles Mr Burt to take action against the bankrupt. _ Debtor further said that part of the interest on the house had been paid out of his earnings. The Assignee: I am not at all sure whether a statement of an individual creditor can be dealt with by the whole body of creditors, but here is a specific statement upon which Mr Burt gave credit, and if he chooses he can take action. The creditors present had heard the bankrupt's statement, and they had the power of ordering a public examination of the bankrupt. Further discussion ensued, during which Mr Burt asked whether it was proper for bankrupt to give orders on the architect at a time when he (bankrupt) was practically insolvent.

The Assignee said it was clearly improper, if the orders were given within three monthß. It would be a simple thing to test the matter. What about the payment of L.30 to Gilmour, to take a. case in point. That was a payment of L3O for timber, made on the 16th May. It was his rule not to take action himself on a statement made to an individual creditor, but the matter could be a subject of a resolution, and if necessary he would then proceed. Mr Burt said that he had not yet consulted his solicitor, but if his case was strong enough he Bhould put bankrupt in for obtaining goods by false pretences. Another creditor said that bankrupt had represented to him that the houso was his property. The Assignee suggested that the meeting should be postponed for two or three days so us to give Mrs Yorston an opportunity of Becinu him and coming to some arrangement about the proporty which would get over the difficulty. Debtor himself might bring up details, and the creditors conld then see what could be done. He (the Assignee) had no doubt that some of the payments could be attacked. The suggestion was adopted, and the meeting adjourned uutil Wednesday, at 3 p.m. _____________

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890527.2.30

Bibliographic details

MEETING OF CREDITORS., Issue 7917, 27 May 1889

Word Count
851

MEETING OF CREDITORS. Issue 7917, 27 May 1889

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