MEETING OF CREDITORS.

Evening Star, Issue 8116, 16 January 1890, Page 2

MEETING OF CREDITORS.

BE JOHN MAXWELL. A meeting of creditors in the estate of John Maxwell, restaurant keeper, was held yesterday. The creditors represented were—W. Stewart, G. M'Dongall, Stone and Co., W. Patrick, A. Waugh, M. Anderson, and Mills, Dick, and Co. Mr Meatyard appeared for the debtor. The bankrupt’s schedule showed the liabilities to be L 137 14s Id, and the assets L 166 10s, The assets were made up of the following items Stock in trade, L3O; book debts, L2l (estimated to produce L 16); cash in hand, 10s; furniture, L3O; interest in leasehold property, L9O. The principal creditors were—W. Patrick, butcher, L 25 19s 5d ; and A. Randall, butcher, LlO 10s. In answer to the Assignee the debtor stated he had been in business since June 1. He had put LSO into it—L3o cash and L2O raised on mortgage on furniture, which had subsequently been paid off. His takings averaged for the first three months about LlB per week. After that they fell off at an average of from 25s to 30.3 a day. This he accounted for from the penny sections being started by Young’s cars. His takings at Christmas and New Year time were about 30s a day. He had a hook of expenditure, but not of receipts. On the opening day of the Exhibition he had taken L 7, and on Christmas Day about L 3. The takings during the last few weeks had been all paid to creditors. He had no money, nor had his wife.

The Assignee expressed the opinion that the debtor had not kept sufficient books. If the leasehold property were worth its estimated value it nvght realise 20s in the £, but there was some doubt about it in consequence of the terms of an agreement between the debtor and the lessor of the property. If it was the wish of the creditors he would realise the estate as soon as possible.

This course was agreed upon, and the meeting adjourned sine die.