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MEETING OF CREDITORS.

BE E. LAYTON, A meeting in the estate of Ernest Layton, of Dunedin, law clerk, was held this afternoon. Bankrupt’s statement was as follows: Liabilities to unsecured creditors, Lll3 18s lid; assets, L2O cash in hands of Mr Farnio and Lls worth of furniture ; leaving a deficiency of LB3 18s lid. The principal creditors are : W, Barclay, L 5 3s 4d ; W. Brown and Co,, L 5 4s fid; A. and J. M’Farlane, L 5 5s fid; F. Clough, L 9; Fergusson and Mitchell, L 7 3s 7d; Gregg and Co., L 8 IGa 2d ; Dr Brown, Ll3 7s fid ; G. Morgan, L 5 ss; and E. J. Spence, L 25. The Assignee explained that, the furniture being under L2O, the only asset was Lll 9s in the hands of Mr Farnie—that was, the L2O less expenses—which would be handed over on demand. Bankrupt said that his debts had been accumulating about five years. At that time be was in business as a law stationer, and his average earnings then would be 35s or 40s a week. Three and a-half years ago he took a situation at Stout and Mondy’s at L 3 per week. He had remained with that firm ever since. About three years ago he mudean arrangement with Ins creditors to pay over to Mr Farnie l?s fid a week towards paying off in full. He paid 10s a week as long as he could. He believed he had paid L2O into Mr Parnie’s hands. He also paid Fitchett and Thornton 35s on account of judgments, and the Mutual Creditors’ Association L 3 13a fid. For the last two years and a half he had had sickness in the house, and was therefore unable to keep up the payments. He had a wife and two children, and paid 12s a week rent. The cause of filing was that Wingfield had obtained judgment against him and was proceeding to take out a warrant. He borrowed the money to file with from his brother-in-law. In answer to Mr Clough, bankrupt said that in regard to his previous bankruptcy be had obtained his discharge by effluxion of time. Be had sometimes made overtime ranging from 8s to 15s per week. Three of the four creditors present expressed the opinion that bankrupt should have been able to pay hie way. The Assignee thought that the only thing to be done would be to ask the Judge, when bankrupt went up for his discharge, to attach some condition to the granting of the petition. It was unanimously resolved, on the motion of Mr Clough, seconded by Mr Gibson—“ That the Assignee, on bankrupt’s application for discharge, represent to the Court that he should not be discharged until he pays 10a in the £.’’ The meeting adjourned sine die.

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https://paperspast.natlib.govt.nz/newspapers/ESD18890820.2.16

Bibliographic details

MEETING OF CREDITORS., Evening Star, Issue 7990, 20 August 1889

Word Count
468

MEETING OF CREDITORS. Evening Star, Issue 7990, 20 August 1889

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