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MEETINGS OF CREDITORS.

BE J. T. HAUL. A meeting in the estate of James Thomas Hall, of Dunedin, grocer, was held this morning. Eight ereditors were present or represented, and Mr W. Macgregor appeared on behalf of the bankrupt. The statement is as follows:—Liabilities: To unsecured creditors, L 740 12s fid; secured creditors, LIOO, less estimated value of securities LIOO. Assets Stick-in-trade, L 23 5; book debts, L 256 16s 3d, estimated to produce L 20 0; cash in hand, L 5; furniture, Lls; total, L 455. Deficiency, L 285 12a 6J, The un secured creditors are— Prcctois, Jones, and Co., L 378 IGs 8d; O. Leighton. L 45 14s 4d; F. Meenan, L 10; Hudson and Co., LlO Os 7d; Anlsebrook and Co. (t hristohurcb), Lll 9s Id; J. S. Smith (Christchurch), L2S 18a 4d; W. Gregg and Go., L 23 19s fid; Kitchen and Sons (Wellington), L7O Os9J; D. Campbell (rent), L 80; D. Benjamin and Co, LlB Ss 3d; Harper and Co. (Melbourne), L 45 Xss lid; Meyer and Son, L2S; and others for less than LlO. The secured creditor is J. W. Smith, who holds a mortgage over the bankrupt’s real estate at Burke-, consisting of freehold sections 12, block 4, sections 6, 7, and 8, block 6, and 2. 3, 4. 5,17,18, and 19, block 8. The Assignee said that there was a bailiff in for L3B for rent, and he had got him discharged on undertaking to pay the amount of the levy. The assets, as valued by the bailiff, were L 225 in the shop and stable; shop fittings, L 10; assets in private house, Ll4; and clothing, L 4, The things in the private house were of course protected by the Act. Had the bankrupt any offer to make for the estate ?

Bankrupt replied in the negative. The Assignee asked for instructions as to what he was to do with the estate. Was there any chance of selling the business as a going concern? Mr Gregg said that it was a nice little bufinees, and there was a possibility of selling the stock and book-debts separately. Bankrupt said that the basinets had gone down lately. Before then his takings were from L4O to LBO per week. On the motion of Mr Gregg, seconded by Mr Meenan, it was unanimously resolved—“ That the Assignee keep open the shop, and advertise the stock and book debts separately as a going concern for tender by Tuesday next ” The question of allowance being raised, Mr Macgregor pointed out that bankrupt had a wife and four children dependent on him. It was resolved that bankrupt be allowed L 3 per week for three weeks. Bankrupt, examined on oath, said that he bad been in business about two years. He had LIOO capital e'ear, which he put into the business, He bad to work up the business. At first it was small The lowest takings for a month were L 125, including cash rales, and the highest would bo perhaps L 856. Of la'e there had been a change. His stock ran down. His credit was not stopped, and he was able to buy till the last. The reason be did not replenish was because the firm be had been doing business with—Proctors, Jones—ware in bankruptcy, snd be did not wish to get anything from other merchants until be saw bow they were going. Bis business had fallen off slightly since June. He bad made a loss of 1385 in

two years. He lost heavily on book debts; others that were not inchdcd in the statement were written off, Thera was one of L 56; another of L2O. He had also had expenses for advertising; ha had lost a horse, and a cart belonging to him went over an embankment. There was no statement of profit and loss in his books. He did not put down what he bought as well as what be sold. He never made a balance-sheet;

Mr Macgregor said that there was alfo loss by depreciation of freehold property, Bankrupt (eontinnicg) said that all the bills running to Proctors, Jones, and Co, were for goods, and none for accommodation. He was due to that firm L 379 7s lid. The freehold was bought before he went into business. He borrowed his LIOO on that freehold. The land was bought in December, 1889, for Ll9O. There were eleven sections. Four of these were a previous purchase. One cost Lls, the others Jj2s. They were all in the mortgage. J. W. Smith was the mortgagee. His rent was 9s per week.

The Assignee said that be must have a reasonable statement accounting for the loss.

Bankrupt; I cannot account for it iu any other way further than that being a beginner I had a good deal of expense——— The Assignee said he did rot wish to force bankrupt to make a statement at present, and would give him time, but the creditors had a right to hare a written statement placed before them.

Bankrupt, continuing, said that he at one time had a property at St. Leonards, but it was sold for L4OO. He owed that money to Messrs A. and J. M'Farlane, and paid it to them, the debt was for goods. He was not in business at that time. Fart of the debt to the firm refer red to was in money, Mr Macgregor did not eeo how this affected the question. MTarlane’s books would show payments made. The Assignee said that if bankrupt had ibis L4OO, he (the Assignee) had a right to get it, Mr Macgregor: Very well; go to M'Farlane and get It. £3B Bankrupt said that at the time referred to he was working for M'Farlane, and they entrusted the goods to him for sale. He sold them in a shop in the Arcade. He was carrying on in M'Farlane’s name. It was not in his present shop. The Assignee: Have you any’claim upon M'Farlane, in law or in equity, on any account whatever ? Bankrupt; No; Ido not think it. The Assignee: Supposing you were solvent, would you have advanced any claim upon them 7 Bankrupt; No. The Assignee: Why do you hesitate ? Your hesitating in this way leads to the suspicion that there is tome thing behind. lam b >und to get to the bottom of it. Come now, have you any more to say about it? Bankrupt; No,tir. The Assignee: I think the meeting had better be adjourned for a few days to allow time for inquiries. In answer to Mr Dalziel (Kitchen and Sons), bankrupt said that on the Ist June he bought LB3 Is worth of goods from Peter M'Gill, of Tokomairiro, and on the 26th June he paid M'Gill in general groceries. He (bankrnp ) did not know then that he was practically insolvent. Mr Dalziel would like to know how it was that ha did not meet Kitchen and Sons’ bill due on the 18th June. Bankrupt, continuing, said that since Proctors, Jones, and Oo.’s bankruptcy he had paid money to other creditors—he had endeavored to pay each of them something. Up to the time of filing he had reason to think he would be able to go on. He thought that as soon as Proctors, Jones, and 00. got out of their difficulty they would help him again. He did not post in his books the payments he had made. Mr Macgregor said that the bankrupt was not a practical bookkeeper, but the statements could be supplied—every information could be given. At this stage it was agreed to adjourn until Tuesday next at two o’clock. In answer to Mr Beal, debtor said that he did not wish to file until the bank issued a writ.

BB JOHN FOBD. An adjourned meeting of this estate, held this afternoon, was attended by about twenty creditors. The Assignee reported that he bad examined Mr G. Ford and Mr J. Brown (National Bank). After a somewhat stormy d emission, during which fciir R. Stout said that the rejection of the bank’s proof would be the subject of litigation, it was resolved, Sir B. Stout objecting, that the evidence be read to the meeting. It was also resolved by a majority in value that Messrs B. Wilson (Rose, Wilson, and Co.) and Mr Hatty be appointed supervisors. Tenders for the book-debts were opened, and Mr Smith’s offer of L 265 accepted. Sir R. Stout asked what other property there was to be realised. The Assignee replied that there was nothing but some Red Kill shares, Sir K. Stout: Then I wish you to record my protest against the appointing of supervisors. You appoint two supervisors at a cost of L 22 10s to realise an estate that has been realised. If our proof is held good we shall hear more about it. It is ono of the most monstrous things you have ever done. A resolution was unanimously carried granting bankrupt his furniture to the value of UM. The meeting adjonrned lint dig.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890712.2.18

Bibliographic details

MEETINGS OF CREDITORS., Issue 7957, 12 July 1889

Word Count
1,504

MEETINGS OF CREDITORS. Issue 7957, 12 July 1889

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