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MEETING OF CREDITORS., Issue 8047, 25 October 1889
MEETING OF CREDITORS.
RE P. WOODS. The first meeting of creditors in the estate of Frank Woods, turf commission agent, was held at the Official Assignee's office this afternoon, Mr D. D. Macdonald appeared for Messrs F. Smith and Co., the only creditors who attended or were represented, and the bankrupt's examination was only proceeded with. Bankrupt's statement was as follows: Liabilities, Ll7l 9s; assets (furniture), L 25; deficiency, L 146 9s. The list of creditors was as follows :—F. Lawrence, Ll6 10s ; H. Friedlich, Ll9; Dr Davis, L 5 16s; G. H. Smith, LI 16s ; Official Assignee (in Hall's estate), L 6 10a ; Martin and Watson, L 5 7s; S. S. Bannister, LI 18s; George Green, L 7 7s ; Fred Smith and Co., L 22 18s ; W. Finlayson, Ll2; E. Lyons, L2O; E. Souness, L 5; J. Allman, L 7; Thomson, L 3 7s ; T. Grose, L 2 5; Howell, Ll2 ; total, Ll7l 9s.
Bankrupt, in his examination, said he was a bookmaker by occupation. He incurred the debts enumerated—none of which were racing debts, come being simply lent by bookmakers—for household supplies. The losses were incurred about three years ago by bettiog. He had been doing small commissions since; but had done no betting—he was only booking. Some money was owing him for betting debts, but he had never looked them up, because they were no good. He wonld supply particulars of these debts, if such were obtainable. He had tried to recover them, but had failed. Men who did not pay their debts were usually posted ; but some of his defaulters had left the colony. He had a wife and three children, was earning nothing at present, and had no money or property except his furniture. The debts had not been incurred more than two or three years ago. During the last twelve months he had not got credit for more than LS or L 9. Mr Smith was quite aware of the occupation he followed when he supplied bankrupt with goods—clothes. The last losses were made in betting at Christchurch on the New Zealand Cup. He had to compromise on that occasion to the extent |of L 550, and paid 2s in the £. He paid about L 55 to clear the debts, which were paid with money which was owing to him. He compromised with Messrs Murdoch, E. M'Ewen, Matthews, Campbell, Haynes, and others residing at Dunedin. He could not make any offer at present. The Assignee said that there was not the slightest chance of bankrupt obtaining his discharge unless be could make a substantial offer to his creditors, who would then recom-1 mend him for discharge. There was little chance, as he had said, of the Judge granting his discharge under the present circumstances.
Bankrupt said that he could not make an offer because he had no money. Smith pressed him, and he was then forced to file. He had not been earning anything of late—he had carried on business with money lent to him by his friends. Two creditors, whose amounts did not appear on the statement, said that bankrupt owed them L 6 and L 3 respectively. Mr Macdonald said he would apply for a public examination of the bankrupt, and would undertake to conduct the examination himself. There were cases similar to the present one, where the Judge had refused, in the case of a judgment summons being taken out, to allow the bankruptcy to intervene.
The Assignee said that as there was no quorum of creditors present no resolution could be passed. The meeting would therefore be adjourned until Monday, and the bankrupt's friends would thus have an opportunity of discussing whether they would make an offer or not. The public examination of the bankrupt could not take place for a month, as the Judge was away from Dunedin, and would not be back for some time. Meeting adjourned accordingly.
MEETING OF CREDITORS., Issue 8047, 25 October 1889
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