CREDITORS' MEETING

Evening Star, Issue 17324, 12 April 1920, Page 6

CREDITORS' MEETING

A meeting of creditors in the estate of Thomas Donaldson, trading as Smith and Sons, of Roalyn, plumber, was held this afternoon before the Official Assignee (Mr W. W. Samson). Mr H. Baron represented the bankrupt and Mr F. Z. Moore Messrs'A. and T. Burt (creditqrs). Bankrupt's statement showed:—Unsecured creditors, £475 19s 3d; secured creditors, £632 13s lOd (less estimated value of securities, £760); total debts, £475 19s 3d;, assets, £229 6s 2d; deficiency, £246 13s Id. . The principal unsecured creditors are:— A. and T. Burt. £lB7 17s 6d; Paterson and Barr, £lls 2s sdj I. MTvor. £46: Methven and Co., £35 17s 3d; J. Edmond, £26 3s; Laidlaw and £22 10s Bd. The secured creditors are:—A. and T. Burt, whose amount of debt is £172 13s 8d (estimated value of security, £300) ; Arthur Heckler and William Russell, amount of debt. £3OO (estimated value of security, £460). Bankrupt in his statement said that in_ 1914, in partnership with two others, Miss Armour and Mr W. E. Jenkins, he purchased the business of Smith and Sons for £3OO. The partnership capital was provided by Miss Armour £1O0) and himself (£SO). They borrowed the other £l5O on ' mortgage. _ When Miss Armour left she took nothing out of the business as far as he knew, but in an agreement for dissolution of partnership he agreed to pay her £IOO. At the'time of dissolution he did not think there was any more money than wha.t would pav their debts. Shortly -after they had started the war hroke out. For. the first year things were all right,. but eince then they had gone from bad to worse. Last year things were very bad. Early in the war there was a great keenness of competition. Then after the wangrwork was very irregular in small jobs, ana" he could not touch big ones. He had been drawing from the business an ordinary tradesman's wages, .varying from £3 12s to £4 per we.ek. estate was left in the hands of the Assignee to realise to the best advantage.