CREDITORS' MEETING.

Evening Star, Issue 11681, 13 February 1902, Page 4

CREDITORS' MEETING.

The first meeting of creditors in the estate of William ..ohnson Wright, carpenter, rf Railway Basil, was held this afternoon m ti* office ot the Official Asrs~.ee. Thc.-o w«nG ten creditors present. The stateri-ivi filed by the bankrupt showed the pos.T-ou cf his affairs to be as follows :—Total debts ib6s 19s ICd, comprising unsecured creditors; secured creditors, £2,131 15s sd, less climated valued of securities (£2,800); baring a balacce of £668 4s 7d in his favor. '1 lie assets consisted of stock-in-trade, £11;

?' ares in. th& Kaikorai Ground Co., £5; furniture and tools over the £25 exemption, £. r ; cow, £5; property, £375. The total a. sets, added to the £668 4s 7d in the 1 ands of the secured creditors, make a grand total of £1,067 4s 7d available for r. cdisation, and leaves a surplus of £Bl 4vS 9J over 'and above the liabilities. The bankrupt in his sworn statement said tint he had been in business as a building coottactor. He attributed his failure to having zaede losses on contracts and having w ioortgage bis property; also on building h-juses for speculation on a rising market v LJch afterwards slumped He had no intuition, of filing, and did not know hj» al'airs were becoming complicated, until last C'tober, when he beclame short of funds, lio thereupon put his properties up >o auction, expecting to realise sufltcient uo pi\ {»I1 his creditors in full. As his houses did not sell up to his expectations, and he wus being pressed, he consulted his solicitor, who advised him to call a meeting ol LU creditors. Tbis was done, and he w.w twmi they did not wish to force him at. the tjme, but would appoint a committee to investigate his affairs. Mr Solomon acted hi this matter for the Committee. Subseo/< ently a meeting of creditors was called and :!%• position set out, and they explained tliat a sale of the debtor's equiiy of redemption in his properties had been ,r ranged for £350. They advised the cred tors to accept it. He then thougot everyti ing would be fixed satisfactorily, but tha ru\: fell uliongh, and the creditors then n>ked him to hie. He refused to do this l.elieving that he had successfully comproUtired with his creditors, and had actually octroyed the best, part of his books ami j'-ipers which could explain his position f liy. An order, however, being granted by the.Court, bankruptcy proceedings M'ere b-ought against him. It was admitted wren the petition was before the Court that if Mr Stewait had carried through the purdant of the equity aforesaid there would have been no trouble.

The examination of the bankrupt was pro<Afdiiig wh<m we went to press.