IN BANKRUPTCY.

Hawera Star, Volume XLVIII, 5 July 1924, Page 6

IN BANKRUPTCY.

ESTATE OF H. AV. LEWIS. ASSETS CIO; DEBTS REMAIN. A meeting of creditors in the bankrupt estate of Henry AA illiam Lewis, formerly of Hawera, now of Auckland, was held in the office of the DeputyOfficial Assignee (Mr? R. S. Sage) yesterday afternoon. There were present the D.O.A. and Messrs. AA r . G. Walkley ■ (liquidator Sash and Door Co.), A. H. Jones (liquidator Tahora Sawmilling Co ), R. Collier : (representing Bennett and Sutton), F. C. Spratt (legal representative for AA 7 . J. Laurent), F. Gil'landers, AA'. J. Laurent, A. J. Corrigan, N. Caplen, B. McCarthy, bankrupt, and his solicitor (D. G. Smart). Bankrupt’s unsecured debts totalled £3485 16s lid, while secured, debts

amounted to £5974 3s lOd. The estimated isecurities were £8453 30s and personal property was valued at £139, leaving a deficiency of £867 10s 9d. Bankrupt’s written statement to the creditors was as follows; (‘I settled in Hawera in 1908 with £1 10s capital. When I had saved £l3O I commenced business as a builder on my own account in a small way. My business increased to isuch an extent that in 1919 my position at face value showed a surplus of approximately £IO,OOO. Like, many others, I was carried away by the wave of false prosperity which prevailed during the boom years. Further, i made the mistake of estimating my assets vat their face value, and became associated with to all appearances successful business people, whose methods .1 began, to follow. I. took up shares in certain companies and became liable on guarantees and lost heavily. To try and save the money I had invested in one company, I took up shares in another company with the idea., of the two companies amalgamating, but the amalgamation did not materialise, and I again lost heavily. Elarly in 1920 I purchased a farm at Inglewood at peak prices. A\ 7 hen the slump came I was unable to carry on, and the mortgagees sold., -With losses on stock and fanning I lost approximately £I7OO. In March, 1920, mv wife died, and for some months I could not give my mind to business, and later when I made efforts to consolidate, my position I found it impossible to do so.

From 1920 to. 1924 I have, had to- ask my creditors for time to meet my obligations, and some of my creditors may think' that I had no intention of fulfilling iny promises, but those promises were based on. moneys which ! at \ the time anticipated receiving, hut when those, owing me money did not pay me it was impossible for me/ to. keep my promise to my creditors. I sincerely desired to avoid bankruptcy, but certain of my creditors took such steps as left me ho. alternative but to file. At present 1 am in Auckland on my own aeocunfc as a timber broker.'’ Unsecured creditors were as follow : Bennett and Sutton, £l2l 9s 9d; F. Gillanders, £46 14s 4d; Hawera Electric Light Co., £27 Is 9d; AV. Adams, £lO 15s; J. S. Murray, £ls 14s 6d; Ellis and Smith, £l2; land tax; £27 7s; Hawera. Cash and Door. Co. (uncalled capital) £550; D.0.A., Wanganui, £100; H. Jones, £500; H. Lewis, £2OO-; Caplen and Cox (guarantors of a third mortgage), £565 19s; James Foy, £3l 18s 9d; Welsh, McCarthy, Beeehey and Houston, £1; H. AY. Lash, £l6; AA 7 . McCormack, £3 19s; Hawera Borough ,'Council, £5 17s lOd; total, £2235 Ids lid.

Contingent liabilities were : Share of R.N. to J. A. Quin, £250; share of P.N. to J. Williamson, £300; share of judgment debt, £7OO. Secured creditors were as follow, the estimated lvalues of securities being placed in parentheses: Jane Hook, £I4OO (£1900); J. R,. Corrigan, £238 (£250); A. C. Pease, £7OO (£1500); Bank of New South A\(ales, guaranteed by J. R.. and A. J. Corrigan over 1526 shares fully paid of £1 each in the South Taranaki Building Co., £7OO (£3277) ioiQ J ' Corrigan ’ £2936 3s 10d The D.O.A. remarked that on the iac& of the position there* did not iseem to be anything for the general body of creditors. There were only one or two small items which might bring in about

O' ll the motion of Messrs. Corrigan and McCarthy, bankrupt was permitted to retain his furniture.

Mr. Caplen said it appeared to him as though one or two creditors had o-ot everything tied up to them while the others got nothing. / The question was then raised as to noo G ‘ 1 ban ! u ’ upt W£ b s solvent in April, 1922, when he gave security for practically the_ whole of his assets to Mr A. J . Corrigan. Air. Laurent moved that the matter I Air Lewis dealings with Messrs. J. j 1 * Gorngan during the past thiee years be enquired into. 1 motl ? n "'as seconded by Mr Walkley and'carried. „ ’ G "'as some further discussion, and the meeting adjourned.