IN BANKRUPTCY.

Manawatu Standard, Volume XLV, Issue 162, 12 June 1925, Page 6

IN BANKRUPTCY.

MEETING OF CREDITORS. (From Our Own Correspondent.) A meeting of creditors in tlie estate of C'larie Unstead was held in die Court House, Feilding, to-day, and was presided over by Mr C. ft. Dempsy, D.O.zt. The following creditors were present: Messrs F. J. Mann, 11. G. Street and W. Quayle, represented by Mr J. Graham; Messrs Williams (Goldingham and Beckett, Ltd.); and J. Stalker (Barraud and Abraham, J.td). Bankrupt was represented by Mr C'ullinane. Bankrupt's statement was as follows: “I took over the license of the Family Hotel, Otaki, on the 15th May, 1924. This hotel I improved and I sold out to advantage. With the proceeds (£750) I took over the Manchester Hotel, Feilding. on October 25th, 1924. In the first instance I bought into the Manchester llolt'l at too high a price. Then I found the takings were not nearly so good as represented. 1 was assured the takings were £l7O weekly and could be brought up to £2OO. I did my best to improve tlie hotel and to attract custom by catering for tlie public as nicely us possible. However. I seemed to make very little headway. The beginning of January I went to see my solicitor and told him -it was impossible for me to keep the holel uud that I must sell as quickly as possible, lie advised me to see tlie agents in Wellington which I did. Previous to that I had written to n Wellington firm and asked the principals to gel a buyer for me. They answered that it was difficult to sell an hotel in Feilding and could not get £1650 for it. I had barely three months previously paid £IBSO for it and feLt this to be a fair price .in consequence. M'hen I quoted the same figures to another agent he said it was the cheapest, proposition lie had on his books and would soon dispose of it. Unfortunately for me, the formers’ words were coriect. It was difficult to find a buyer. At last I became desperate and went down to Wellington to see the second agent. I toll him I must either sell at once or go •into bankruptcy, lie then got very busy and the next day Mr and Mrs Burn came to see the hotel. The agent asked them to make an offer, which they did of £120(1 I told the agent it was impossible for me to accept less than £ISOO and that I could not under anv circumstances accent £I2OO. The next day Mr Burn offered £I3OO hut I still stuck out for £ISOO. Then the agent said 1 could accept this offer or he would close on me. I knew I was powerless and must accept as he had backed mv bills.”

Mr Graham asked for tlie production of the books but as they were in Palmerston North the meeting was adjourned till next week.