MEETING OF CREDITORS

Evening Star, Issue 11889, 18 May 1903, Page 4

MEETING OF CREDITORS

A meeting of creditors in tho estate of Elisabeth Jane Buss and Alfred James Bum, grocers, of South Dunedin, was held at th« Official Assignee’s office this afternoon. Bankrupts’ statement showed their assets to bo worth, at estimate, £320 3a 4d, and their liabilities £545 6s 3d, an estimated deficiency of £225 2s lid. The liabilities to unsecured creditors (chiefly in small amounts) ■ total £65 14s 3d, while Charles B. Tucker and Co., of Vogel street, are supposed by bankrupt to be secured by the whole'Of the estate.” The male bankrupt, .in his statement, says that he began, business in South Dunedhi five yean ago with a capital of about £BS. He procured stock; business paid for about three years, and then gradually fell off. Ho failed in 1902, and creditors accepted 5s in the £, tho money being obtained from Tucker and Co. He started again in business with Mrs Buss, Tucker and Co. being given security for the amount owing. Business failed, and they were compelled to seek the protection of the Court. The primary cause of bankruptcy waa alleged to bo want of sufficient capital and bad debts. Mr F. Z. Moore appeared for Tucker and Co. and Messrs Solomon and Hay for tmitempt, and- there wore about tea creditors present. At tho meeting some new claims were put in, the lamest being Mr Wardrop, £3O, for rent, and Mason and Son," £l6 2s Id. The Assignee said that he understood that Tucker and Co. , the secured creditors, were willing to waive their security, and have the estate divided up between all the creditors.

Mr Tucker said that that was so so far as Mrs . Buss only was concerned. Mr Moore said that bankrupt’s statement was not altogether correct. At the previous meeting of bankrupts Creditors it was moved that Tucker and Co. be handed the estate, and pay 5s ita the £ to the other creditors. This they did, and took the estate. Afterwards Mrs Buss and Mr Buss saw him, and suggested that they should carry on the business, Tucker financing them. Tucker said he would do this, subject to their giving security. They gave him security over stock, book debts, plant, and furniture. This transaction was made in Mrs Buss’s name, which was put up over the slyip. Afterwards Tucker went through the accounts, and found serious deficiency. He suggested selling up. Buss thought himsAlf- ill-used, and filed. Mr Mason said that the understanding at the meeting was that all the creditors were to be on the same footing. Mr Solomon asked for the minutes of the meeting referred to. He could not see how Mr Tucker could ask to be paid 20s in the -£ when it was resolved that all the creditors should receive Ss. Mr Moore said that he understood Mr Tucker, who was chairman of that meeting, had the minutes, and Mr Tucker said he thought Mr Moore had them. They were not available at the moment. It was resolved after some discussion that the furniture, exclusive of the piano, which had been sent back to the Dresden Company (part payment being made), be handed over to Mrs Buss. Mr Tucker at first stood out against this, but eventually waived his objection. It was further decided that the question of the amount of Tucker and Company s Proof be left to the solo decision of the Official Assignee. The Assignee suggested that it might be best to dispose of the business by calling for tenders for it as a going concern. It was agreed that Mr Tucker be appointed supervisor to act with the Assignee to realise the estate in the best manner in the interests of all concerned. The Assignee said that he would call the creditors together as soon as possible after he had gone into the matter to discuss bankrupts’ discharge.