IN LIQUIDATION.

Lyttelton Times, Volume CXVII, Issue 17533, 17 July 1917, Page 9

IN LIQUIDATION.

A METHVEN ESTATE.

A meeting of creditors in the estate (in liquidation) of James A. Stephen (trading as J- A- Stephen, Ltd.), storekeeper, Methven, was held on Friday, the Official Liquidator, Mr T. D.' Kendall, presiding over a larg 0 attendance. Stephen, in his _ statement, said that he commenced business at Lyndhurst as a storekeeper, with £lO capital. Eleven years later he took over a business at. Methven. About twelve years ago he had a firo at Lyndhurst, and lost about £7OO. He did not consider himself insolvent, and did pot think it necessary to inform his creditors of the state of his affairs. His son had been at the front for two years. His wife was totally unprovided for, and he had been drawing on his son's banking account for living expenses for a time.

The total assets were estimated at £3453, while the unsecured debts amounted to £2132 7s lid. In addition to this there were debenture-holders, Messrs Godfrey and Co. having an interest of £I6OO, and Messrs Bing, Harris and Co. holding debentures to the value of £llOO. There was also the sum of £4OO to secure the bank overdraft. After discussion it was decided " that the Official Liquidator should investigate further, and obtain such legal advice as may be necessary, with a view of seeing if the issue of the debentures was legal', the expenses of such investigation not to exceed £.50, such cost to be borne by the creditors pro rata."