IN BANKRUPTCY.

Hawera Star, Volume XLVI, 11 September 1926, Page 6

IN BANKRUPTCY.

ESTATE Wm. HAYWARD

The first meeting of creditors in the bankrupt estate of William Hayward, contractor, was held.at the office of the D.0.A., Hawera, yesterday, when Mr R. S. Sage presided. There were present: Messrs E. M. Bcechey (for Messrs A. C. Pease), P. T. Donnelly, J. F. Gillanders, G. W. Gane, H. Taylor (Halliwcll, Spratt and Horner), C. G. TrottOr (Farmers 1 H. Collier (W. A. Parkinson and Co., Ltd.). Mr L. A. Taylor represented bankrupt. The unsecured debts were listed as follows: Newton King, Ltd., £100; Farmers’ Co-op., £103; F. Gillanders, £ll2 15s 4d; 11. Livingston, £00; Hawera Countv Council, £4O; Halliwell, Spratt and Horner, £-10; W. G. Gane, £2O; W. A. Parkinson and Co., Ltd., £l7 10s; P. Donnelly, £2l; Curtis and Spragg, £ls; Estate ,T. Kirk, £1) 15s; Welsh, McCarthy and Bcechey, £5; E. Bach, £5; Estate G. 0. Sage, £3; O’Dea and Bayloy, £2. Secured debt: A. C. Pease, £2OO (estimated value of security £500). There were also book debts totalling £lO4. ‘ Bankrupt, under examination on oath, said .that his plant consisted of waggons, •dr a vs, and with his horses was valued -at £SOO. All were pledged under bill of sale. He gave a list of the horses, numbering twelve, of which three had been replaced since the lull was given. He also had seven sets of dray harness and one Waggon. There was nothing but some old drays and a wharc on a lorry. He said-he was not the owner of any cows, •which belonged to his wife, who was milking them. Some wore at the beach and others at Nonnanby. She bad supplied the factory since the boys ■were able to go there. There was a motor-car, but that also belonged to his wife, -bought with money saved by her and the boys. He used it occasionally to go to work. - In reply to Mr Harding, he said some recent accounts for feed, etc., had been paid out of money received. All royalties had been paid up to August, leaving only one month to be paid. There Was a small amount still owing by Oakes. It was agreed that tho understanding given by creditors that these royalties should be paid bo kept. The D.O.A. said he would be responsible from September 2.

Bankrupt said he had taken 140 yards of shingle during August, for various contractors, three teams working. Tho D.O.A. said that although bankrupt was carting for the Borough Council he had no contract. He had an arrangement to supply 100 yards, of

which ho had delivered 52, and had been paid for 44. Mr Trotter said apparently there was practically no 'profit in taking shingle from the beach at 325.

Bankrupt -said he did most -of the shoeing himself. It cost 18s per set to have it done. In regard to wages he paid £l2 per week and there were repairs and renewals. Last year he had about four months’ idle time. After some discussion it was resolved that the business be wound up and assets realised as soon as convenient.

Mr Bcechey said Mr Pease would agree to any action proposed and ho would set a reserve on the horses. He suggested that it would be a good time during the next month to realise as horse fairs would be held. The D.O.A. said he would first cndeavour to sell them by tender, and if no. offer was received, ho would put them up to auction. Bankrupt would assist the estate by continuing to work the horses.

In regard to furniture, the meeting decided to leave that to bankrupt. The D.O.A. undertook to be responsible for tho heavy traffic licenses until September 30. The meeting then adjourned.