IN BANKRUPTCY.

Hawera Star, Volume XLVIII, 31 July 1924, Page 6

IN BANKRUPTCY.

ESTATE. OF T. A. 810 DOE. A further meeting of creditors in the bankrupt estate of T. A. Bridge, of Aianaia, was held yesterday afternoon in the Deputy Official assignee’s office. The business of the meeting was to confirm a special resolution passed at the first meeting of creditors to the effect that bankrupt be allowed to retain file whole of his household furniture and effects. Mr H. L. Spratt moved and Mr E. Long seconded, that the resolution in question be confirmed, and the motion was carried unanimously. Deferring to other matters in connection with the estate, the D.O.A. said that the matter of the straightening out of mortgages and guarantees would only be solved by time. He was putting the three properties up for sale, and M>r Pease was taking action in regard to the Manaia .Road property, in which case any action in which lie (the D.0.A.) could take would be precluded. In connection with these properties lie had the consent ot) all, the mortgagees to sell. He had realised on the whole of the stock and he was putting up for sale the Kaupokonui Dairy Company shares. ¥ The creditors passed a motion facilitating the bankrupt’s discharge, the mover mentioning the unfortunate' circumstances which led to the bankruptcy. The meeting then adjourned sine die. FAILURE OF BOOKSELLER. AN ELTHAM CASE. Luke Luokin, a bookseller, of Eltham, was adjudged bankrupt on duly IS, and a meeting of his creditors was called for at the Eltham Courthouse vesterdav before Mr J. S. S. Medley, D.0.A., but the meeting lapsed for want of a quorum. The bankrupt was represented by Mr T. B. Crump; The bankrupt’s statement showqcl unsecured debts amounting to £998 11s Id and secured debts totalling £950 Is sd, the excess of the secured debts over the security being £SO Is sd. Other liabilities totalled £43 13s, arrears of rent to Mrs Holding, making the total amount of the debts £1092 5s 6d. The assets consisted, of stock in trade estimated at £1250, book debts £54 12s 9d (estimated to produce £43), cash in hand and at bank £37 3s 7d, furniture £3OO, motor car £125, a total of £1755 3s 7d. The apparent surplus was therefore £662 7s 9d.

The unsecured creditors were: Lvsons, Eoord and Iveilar, £5 11s; John Myers and Co., Wellington, £132 ss;> O. Alanlev, 7s 6d; C. Masliu, £1 13s 9cl • J O’Hagan, £2 4s; G. W. 'Peebles, £6 8s Bci; J. Peters, 8s 2d; W. 4s Piling and Co., Svdncv £9 los 2d; Smalley and Co., £4 3s 9d; Smith and Rogers, 16s; J. Skinner, 6s; John Swinson and Co., £4 4s 6d; Southern Agencies, £l2 12s lid; "Farmer Bros., Ltd., £64 0s 3d; Tingev and Co £5- Trade Auxiliary Co., £l9s; G. AY.’ Tayler, £3 14s; A. H. Turner, 13s 6d; Truth, £3 18s; Tayler, Avery and Co., £1 12s Id; Tremayne, Perkin and Co.. dd 5 Lobley, 11s; Associated nistnbuters, Lt.d., £2 13s lid; A. D. Wilhs, Ltd., £3O 12s 8d; Weekly Press, £3 Is lid; A. Ware, £2 14s 3d' Whitcombe and Tombs, Ltd., £6 0s 6d; \\ anganui, Hawera and Ratetihi Transport Co., 3s 6d; Booksellers’ Associa4 s; ,4 very and Co --' Lti., £92 los i d; Auckland Weekly News, £9 i 2 i S o I Joh , ll Burns and Co -> Ltd., in 1 ® Ls Id j Browning, Ifwerson , and Co., £l2 3s 6d; G. A. Belcher, £6 19s‘ 6d; I. J. Bridger, £7 18s 9d; Chas. Begg and Co., £6. 9s 6d; Brett PrintinoCo., 14s; Barrett and Co., £2 Is 10dCommercial Supplies, 15s 6d; Frank Duncan and Co., £34 12s ocl; J. Dver £o 6s; Derbyshire’s, Ltd., £ls 8s 8d; A. E. Entrican and Co., £25 17s 7cl • Excelsior Supply Co., £35 6s 8d; Eltham Borough Council, £3 Is 3d • Eltham Argus, £9 5s 9d: Lewis Eadv and Co £4 9s Hd; E. Goldstone. £1 S’ n’ ? rubb -’ £2 ss; Gower Bros., S? t ; r 9u rdon aild Gotch, £25 13s 9d; E. J. Gdlon and Co., £9 2s 7d; W H Green and Co., Ltd., £24 12s 6d : p‘ Dayman and Co., £56 12s sd; Huinga £ r fi s; *• J - Hyams, 41 13s Sl’ ir' V' f aokEO " and Co., 441 19s lossT'ls id " eS - 621 18s 1M - *0“.

The secured creditors were: J. J. Fake, Eltham, who held a, first mortgage of £426 12s 9d over security p, llued afc £ 900; and A. Lawn (New S' hekl * second mortgage mi ,® s ® d OT€1 ‘ the same security, the total amount of the secured debt ias therefore £950 Is sd, and the estimated value of the security £9OO In his statement to the D.O.A the bankrupt said; “Uo to Anri I, 1992 I was farming in the Opunake and Eltham districts, but had to retire from that, occupation for reasons connected with my health. The work was too heavy and I had a breakdown. I came out with £4OO to £SOO and my household furniture and a motorcar I bought a house and ten acres of land on Mountain Road, Eltham, for £2200 including £4OO or £SOO cash, and subsequently exchanged the equity of redemption of this for that of the house 1 now live m in Tayler Street, - The exchange left me practically the same amount of cash—£4oo.

“Principally for the reason that I had to find some less strenuous means of making a livelihood. I bought Air S Holder’s stationery and fancy goods business for £5Bl 4s lid, paving £331 14s 4cl in cash, the balance of £249 10s 7d being secured with interest by promissory notes maturing half-yearly. Of this sum £204 remains"owing. The stock in trade taken over was very low and much of it was very slow of sale. I had to buy very heavily to keep it up to e. satisfactory standard, practically throughout the whole period of my ownership of the business. I probably overbought for the capacity of the business, the shop not being in the best stand to catch casual business. Fhe business has not increased to the extent that I anticipated. I had a bad mid-summer season this vear.

"Mv difficulties having become: acute, T called a private meeting of creditors, which was field, on June 17, at which it was resolved that I should assign m.v estate to trustees for the hemdit of the creditor-'-,. Most! of the creditors concurred in this course, but two of the largest insisted on my filing.” In an iniormaL discussion, the creditors present expressed 'a desire that the bankrupt should carry on the business in the meantime under the'supervision of Mr A. (’hrysial, the car to he offered lor sale by tender. The bankrupt expressed willingness to carry on at a .salary from the creditors. . The creditors also desired that, no claim be made on the furniture if possible, and that no opposition he put in the way of bankrppt’s dischaTeO.