MEETING OF CREDITORS.

Lyttelton Times, Volume CXVII, Issue 17435, 23 March 1917, Page 9

MEETING OF CREDITORS.

ESTAIE OF SJ.C: STUBBEaFIELi?

A meeting of creditors in the bankrupt estate,, of S- C. Stubbernekl, working jeweller, was held yesterday before the Official Assignee (Mr T. D. Kendall). Mr Cutiingham appeared for the bankrupt. The statement showed unsecured creditors for £3lO, and secured creditors tor £'llS 10s, the value of the security being estimated at £165. The book debts were estimated to produce £3O, ihe assets totalling £163, leaving a deficit of £l7B 7s Sd. The secured creditors were G. T. Lucas £ll2 and T. N. AVlntmore £6.105. The. principal unsecured creditor was W. E- Mouldy, £9B, for rent. The'bankrupt, on oath, said that he started in business in 1904 with £ls capital and £4O worth of tools. His drawings averaged £2 or £3 a week- In ]'JlO he made an assignment with his ci editors and they took over the stock joid tools of,trade, ivhich.realised about 2s Cd in the £, leaving him the furniture.. After the assignment his brother took over tho business, and he continued to work for him at £1 10s a week and a bonus. At the end of two years he repurchased the_ business from his brother for £IOO, raising a loan of £IOO from G. T. Lucas at ten percent. Tho business started to decline at the time of the strike, and the war had had a seiious effect. He had heavy expenses owing to the continued illness of his wife. He had no family, and intended to seek employment., It was decided to allow the bankrupt to retain the furniture, the rest of the estate being left in the Assignee's hands for realisation.