MEETING OF CREDITORS.

Marlborough Express, Volume XLIII, Issue 174, 21 July 1909, Page 5

MEETING OF CREDITORS.

ESTATE OF D. McCAETHY, HOTELKEEPER.

The adjourned .meeting.of creditors in the above estate was attended by the Deputy-Official Assignee, and Messrs B. Clouston (Levin and Co.), C. P. Hulme (Marlborough Brewery Co.), and T. Kirby (Eirby Bros.). Bankrupt's sworn statement was as follows : —He came to the provincial district of Marlborough in the month of September, 1907, and bought the lease of the Wairau Valley Accommodation House for the sum of £1050. That included' the furniture and the lease, the latter having about seven years to run. He bought some sheep, stock-in-trade, and other things amounting to the value of about £100. Pie then had about £450 in cash, and owned 69 acres of land in Taranaki, which was under sale by him to one ODea for £1400. He owed £500 on mortgage of these lands. To comulete his purchase of the accommodation house lease he borrowed £800 from a Mr Eyles through his agent, Mr J. J. White, of Blenheim. Mr Eyles also advanced £500 to take up the mortgage on the Taranaki land. He gave Mr Eyles a mortgage over that land to secure the £800 and the mortgage over the lease, with a bill of sale over furniture and stock to secure the £500. The business paid its way for about the first twelve months, after which, owing to the continued illness of his wife and self it fell away, and he got into debt. The balance owing to him on the Taranaki land would have far more than made that up had it not been for the action of the Licensing Committee in depriving him of his license. Until the Committee met on June Ist he never J had any endorsement on his license, nor had he until that date any information laid against him for an ! offence against the licensing laws. He was prepared to sell out and transfer his license, and could have obtained £1500 for his interest, but the Committee never allowed him the opportunity, but ordered a, transfer of the license to the landlord, thereby losing bankrupt the value of the unexpired interest in his lease and making the mortgage security valueless. After the statement had been read the meeting was adjourned until Thursday next at 3 p.m.