A BANKRUPT.

Hawera Star, Volume XLVIII, 10 July 1924, Page 4

A BANKRUPT.

ESTATE OF T. A. BRIDGE.. A meeting of creditors in the estate of T. A. Bridge, of Manaia, who was adjudged bankrupt on June 26, was held at the office of the District Official Assignee yesterday. Bankrupt was represented by Mr L. A. Taylor. : In his opening remarks the D:O.A. said that Mr Bridge’s creditors had met on several occasions with the object of finding some solution of the difficulties, but it had seemed impossible to them to come to any arrangement under which Mr Bridge could carry on. Bankrupt’s statement showed, unsecured debts totalling £12,287 2s 7d, and secured debts totalling £19,994.’ The assets, including £6932 surplus from securites, totalled £11,037 10s Id. I he deficiency shown was £1250 12s 6cl. The unsecured creditors were- Commissioner of Taxes, £587 Os 2d: McGruer, Bone and Co., £43; Harrops, Ltd., £4/; C. W. Nicholls, £5907 6s 8d; Manaia Loan Company, £2000; H. A. Charles (J. R. Corrigan. jointly and severally liable to Mr Charles), ‘£2687: Miss Stoddart (New Plymouth), £7l u' §• Pennett (Manaia), £42 16s 3d; H. E. Sutton (Manaia), £lO 9s; C Hunger (Manaia), £6l 17s lid; T. W. Armitage (Manaia), £24 14s id; L Walters (Manaia), £lO 9s; R. Tait (Hawera), £4 7s 6d; G. Inkster, £350; Egmont Box Company, £2B 7s 5d;.W. Ciement (Te Kin), £9 ll s 2d and £2 i! Symmons (Otakeho), £27 L . Io -vd (Manaia), £5 17s 6d; 9 ral S> £6 6s; executors J. G. Craig, £2l ss; B. Howell (Manaia), £6 ?! ; srvA5 r vA M - Youn S, £5 15s 65; Combined Buyers, £ll 12s; Dr. W. M Thomson, £l6 ss; F. A. Evans, £7 13s xn’o^o a T> e i a £ ta £\ 6s ; Syme and Co., j 9d 1,,?- Dixon, £4 7s 6d; Welsh ?J?d Co., £27 16s; Mrs C. M. Reid (®’ l l^ T u^la ).> £76 13s 2d; trustees estate l -_J • Bridge; total, £12,287 2s 7d. Ihe secured creditors were: Blair Bros. £2500; Miss Campbell, £1000: Mrs Allan, £IOOO (mortgage on 250 acres) totalling £4500 (estimated value e f^^CUl^ ieS r, £s7so) s Public Trustee, £4600; Mrs Sexton, £2500; Loan and Mercantile Company, £450; Miss ii , ge „’il 6so (mortgage on 320 acres), total £9200 (estimated value of securities £10,560); Government Life, £BOO- - Pan-man, £660; H. E. Baker, £7OO, totalling £2160, mortgage on 96J acres na7i ie securities estimated at £34< 4); —. Julian, £IOOO, mortgage on 121 acres (estimated value of securities £2729); D. Bridge, mortgage on 250 cows £2500 (estimated value of securities £3529); Farmers’ Co-op., £BB4 (estimated value of securities £884); total unsecured debts, £19,994; total estimated value of securities, £26,926. .A further liability was a promissorynote for £llOO in connection with the New Zealand Meat Packing and Bacon Curing Company, being Bridge’s share of the difference between the guarantee of £15,000 by three' Taranaki guarantors (including Bridge) and the amount paid by the dairy companies of/ the district to. release the guarantors of H}ej r liability. Mr Weir mentioned conditions which might reduce this liability. The statement showed real estate amounting to £1066. Contingent liabilities of amounts unnamed included bankrupt’s liability to the Bank of New Zealand under joint and several guarantees to the hank with respect to the Manaia Loan Company and the Kaupokonui Dairy Company. * In his statement to the D.O.A. the bankrupt stated: “I have - very little to say. My position and affairs have been the subject of investigation bv my creditors for some months past. They met last on May 1, when they passed the following resolution: ‘This meeting resolves that whilst all present express their appreciation and admiration ol Mr Bridge’s fine efforts to formulate a scheme to carry on, and also express their appreciation of the straightforward manner in which he has conducted matters at his recent meeting of creditors, yet the meeting regretfully is of opinion that he cannot successfully carry on financially, and as a direction and an assistance to him require him to file his petition in bankruptcy.’ ” It was suggested that the D.O.A. might be able to carry on some of the farms and realise to better advantage, but the majority of the creditors were of the opinion that such a 'course would be useless. Mr. H. L. Spratt moved that Messrs Long and Meuli be appointed supervisors to assist the D.O.A. in realising the estate, and on the suggestion of the D.O.A. the motion was amended to read that the two supervisors, be a consulting committee without fee. The D.O.A. pointed out that he could pay expert advisers; and Mr. Spratt then .withdrew the motion. The D.O.A. examined Mr. Bridge at some length in reference to certain dealings with Messrs J.. R. Corrigan H. A. Charles, particularly as to whether bankrupt and Mr. Corrigan paid equal amounts under their several liabilities to. Charles. Mr. Bridge said he thought that Mr. Corrigan had now paid as*much as he had himself, but was not s ure. The D.O.A. said he had inspected Bridge’s furniture, ana placed its fair value at about although in the statement it was valued at £loo. On the motion of Mr W., G. Walkley, it was decided vo return the whole ot the household furniture and personal effects to bankrupt, the '.resolution •remaining to be confirmed. iir Jtl. L. Spratt said he hoped the Bank of New Zealand would realise that it would be in the best interests of the whole district if it gave Bridge a clean release from Ins liaoilit.y under the joint and several guarantee of the Manaia Loan Company's overdraft and made some new financial arrangements with the company. If they descended upon the estate tor the payment of Bridge’s guarantee, the estate, being a. partner in the Loan Company, would haw. the right to fall hack on the other guarantor partners to satisfy the claims of the hank. It would be impossible for the guarantors to find the amount of cash required, and tfie depositors and the borrowers in the Loan Company would become involved. The fvaupokuiiui Dairy Company, being on a of the guarantors, would be equally liable. A voice: “Don’t paint too bright a picture. (Laughter). Continuing, Mr Spratt said, that a very large number of the people in the district would thus become seriously involved, and it would mean the wreck of the Loan Company and many others. If the bank pursued its claim upon the estate it would become the largest creditor, and the dividend that, the estate would pay woutcr be magnificent If the bank dropped its claim it would lose only a smalt amount of the dividend pay able, while it would save the financial embarrassment of all tiio people who would otherwise become involved. After a long discussion, the meeting adjourned lor three weeks.