BANKRUPTCIES.

Lyttelton Times, Volume CXVII, Issue 17666, 19 December 1917, Page 4

BANKRUPTCIES.

MEETINGS OF CREDITORS. ESTATE OF F. C. WILLIAMS. A meeting of creditors in the bankrupt estate of Frederick Charles Williams, builder, of North New Brighton, was held yesterday. Mr T. D. Kendall (Official Assignee) presided over an attendance of about fifteen creditors. Mr Sargent represented the bankrupt. The statement of accounts showed that £2321 was owing to secured creditors and £768 12s 6d to unsecured creditors. The estimated value of securities was set down at £3597 Os 9d. The assets were stock in trade, estimated at £SO, cash in hand £B2 15s, furniture £75, and the surplus from securities in the hands of secured creditors, £1273 Os 9d, making a total of £l4Bl 16s 2d, showing a surplus of £712 3s Bd. Tho principal unsecured creditors were Briscoo and Co. £238, Congreve and Sons, Ltd., £IOO, ‘Scott Bros £65, F. Clarke £6O, Hough and Sops £6O, A. Dickson £4B, W. Ramsay £4O. Hie secured creditors were W. Goss, Ltd., £632, F. King £550, Mrs E M. Hunter £520, James Savin £SOO, Mrs L. E. Hall £3OO, T. W. Rowe £165, T.' A. Cramp £l2O. In his sworn statement bankrupt stated that he commenced business on his own account during 1912. He obtained contracts for the erection of buildings (principally dwelling houses), and was usually successful. The profits were put into the purchase of suitable building sites, which proved good investments until the outbreak of war. The prices of building material went up considerably and affected his operations, and dislocation in the building trade which followed brought his housebuilding practically to a standstill. Prior t,o the war bankrupt had an average of seventeen contracts a year. These dropped, and for the period August, 1916, to December, 1917, he had only three contracts. The result had been that bankrupt had been unable to turn to profitable account the various properties which ho had acquired, but on the other hand interest charges and rates had to he paid on vacant land. The properties showed, at reasonable valuation, ‘a considerable equity in his favour. The secured creditors should re.ceivo every penny owing to them, and there were assets left over amounting to £ISOO to provide for claims of unsecured creditors, totalling nearly opno. Even allowing for substantial reductions,, all creditors should receive their debt* in full. The statement aBo explained the immediate cause of bankruptcy procecdmgs, which were due to failure of one person to meet his .obligations to him, causing him to take lien proceedings for moneys owing to bankrupt. Bankrupt's fimds became shortened and several creditors obtained judgments against him.) Owing to the pressure bankrupt considered it fairest to the creditors to file. BankHint, otn+ed + , '"t ho is a married man with three elvldren. On the motion of Mr i) Congreve, seconded bv Mr Andrews, it was draded that bankrupt's furniture should be transferred to bis wife. It was aBo resolved (hat bankrupt’s carpenter’s tools shoo'd be banded to him. It was agreeed, on the motion of Mr TV. J. Hunter, that the administration of the estate should bo left to tho Assignee, with the assistance of a committee, consisting of Messrs Mosley, Congreve, O’Coimell and Upliam.

ESTATE OF J. HENDREN. A meeting of creditors in the bankrupt estate of James Heudren, butcher, New Brighton, was held yesterday afternoon, Mr T. D. Kendall (Official Assignee) presiding. Mr Hoban represented ,tne bankrupt. The statement of accounts showed liabilities to unsecured creditors amounting t,o £574 5s and the assets were set down at £199, leaving a deficiency of £375 ss. Tho principal unsecured creditors were Matson and Co. £260, New Zealand Farmers’ Co-opera-tive Association £IOO, National Mortgage Company £SO, L. M’Phail £6O, TV. Heudren £6O and F. D. Ivesteven £35. There were partial securities in the case of Matson and Co. and F. D. Ivesteven. In his sworn statement bankrupt said he started in business in June, 1916. He had no capital of his own, hut borrowed £IOO from his wife. The horse and cart and fittings cost £3O. The whole of the furniture, including piano, belonged to bankrupt nnd was free, from debt. The prospects were very good and he was enabled to put £lgflfi through the bank in the first twelve months. The average takings up to the end of 1016 amounted to £SO or £6O a week. About the end of las+, year he developed a bad attack of asthma, which la'd him up for over three months, nnd he was comppl’ed to employ labour nr>d prv a man £3 a week to carrv on tlm business. Bankrunt, resumed in February last. The takings bad steadily decreased since +lmt time and up to one month aero tho turnover averaged only £3O or 610 n n r weak. He borrowed £6° from his father-in-law, but bad been unable to repay him. He called a meeting of creditors on November 19 nnd explained the position. No definite proposal was made, and the meeting was adjourned till November 26 to enable bankrupt to make an offer. His wife bad property amounting to approximate'” £IOO. subject to mortgages of £2OO, and bankrupt offered to hand this over to the creditors in liquidation of his debts. That offer was refused. He thou offered to pay £1 a week and probably more to each creditor, which was also refused. It was ultimately proposed that he should file his petition. However 1 , he still continued to carry on the business and notified the landlords that lie had three prospective buyers wh,o would take the businoss over. That offer also was rejected and on December 8 the bailiffs took possession and bankrupt was compelled to file. The main causes of his failure were the set-back on account of his illness, the decreased turnover arid the high cost of meat, Bankrupt stated he is a married man with tlireo children. . A creditor said that bankrupt had evidently dropped £1 a day during the eighteen months in which ho carried on business. The position was unsatisfactory. Mr Cole (representing Messrs Matson and Co.) moved that the Official Assignee should appoint an accountant to make an investigation of tho bank transactions and report. Mr Kendall stated that bankrupt’s •osition was hard to n'certam on ac count of no proper books having been kept. There was noth ng in the estate, and ary costs as. to further investigations and examination would have to be borne bv the creditors. On the understanding that the Official Assignee would make certain _ inu . r.-li w'fh'lrev: nWjon •”id the meeting was adjourned to a date to be nampd by the Assignee.