IN BANKRUPTCY

Manawatu Standard, Volume LII, Issue 175, 25 June 1932, Page 9

IN BANKRUPTCY

CREDITORS' MEETING ADJOURNED. A meeting of creditors in the hanknipt estate of lan Alister Cockburn, storekeeper, of Sanson, was held before the Deputy Official Assignee (Mr C. E. Denipsy) yesterday afternoon. On account of the absence of bankrupt’s guarantor, Mr C. Watkins, of Snnson, the meeting was adjourned. The D.O.A. intimated that he would subpoena Mr Watkins, also bankrupt and bankrupt’s brother Mr lv. Cockburn, to appear, but the date of the meeting could not be decided. There were present yesterday, in addition to bankrupt, Messrs Braithwaite (representin<T Messrs Levin and Co., Wanganui), R. Hogg (Messrs Heald’s, Ltd.), E. V. Spear (Messrs Barraud and Abraham), J. Louisson (Messrs Dixon’s, Ltd.), C. Carr (Messrs H. L. Young, Ltd.), J. 0, Boniface (Messrs Boniface Ltd.), A. M. Ongley (Mrs A. M. Burrows) and L. M. Abraham.

The D.O.A. said that as the books had been ,seized by Air Watkins there was no statement available. Everything of the stock and the Irooks had been removed from bankrupt’s place. To the D.0.A., bankrupt said he left the premises in April Sir Watkins had the security over the fixtures, plant and live stock. He did not know if Mr Watkins had collected any book debts. He (bankrupt) was living at Sanson with bis mother. Mr Spear (to bankrupt) ; Why did you close your place and leave? Bankrupt: I did not cloie up the place. Mr Spear: Wlrv did vou leave without informing your creditors? Bankrupt: Things got me down completely nnd Ido not remember what happened. Bankrupt added that he had been ill since he returned. To Mr Boniface, bankrupt said he had no medical attention.

Mr Spear: Why did you come hack? Bankrupt replied that because, on thinking over it, he thought it was the right tiring to do. He had taken only £6 or £7, which was out of the business, with him. Fie was at Christchurch for three weeks. He paid his single fares and boivrd in Christchurch at 25s a week. Ho had pawned a watch and a ring in Christchurch and his people had sent him money so that lie could return. He had not seen Mr Watkins for about a year and had not given him permission to remove the stock.

To .Mr Abraham, bankrupt said lie nas not sure of tlie value of the stock when he left. In November it bad been valued at £325 and had been depleted since. Several stock purchases had been made in cash for the shop. Bankrupt did not know if Mr Watkins had put tny money into the hank since he seized the stock and the books.

To Mr Ongley, bankrupt said that when ho took over the premises from Mrs Burrows, some bins, a glass show case and counter bottles were left by her to help him until he could afford to pay for them. Mrs Burrows sold him a lorry for £7. There was no security on it, although nothing had been paid down. Shelves in the shop wero the property of Mrs Burrows. The D.O.A. remarked that he would have to call another meeting as they were “in the dark.”

To Mr Boniface’s question as to how Mr Watkins would get into the shop, bankrupt said that be would probably get the keys from bankrupt’s brother. To Air Abraham, bankrupt said be had received no demand ,or correspondence from ATr AVatkins.

To the D.0.A., bankrupt said that one car had been traded in by him for another car which cost about £6O and for which £7 10s deposit had l>een paid. He paid £3 6s 5d a month in instalments for nine or ten months and understood that Air AVatkins had paid the remainder and seized the car.

The meeting was then adjourned

The list of unsecured creditors, drawn up by the D.0.A., included the following amounts: —Airs Burrows £IOO (approximately); Boniface Bros.. £72 2s 4d; Barraud and Abraham, £47 12s Id; and Levin and Co. (AA’anganui), £l9 2s 2d. The only secured creditor was tire Bank of New Zealand, Bulls, the amount iuvolved being £lB4 Os 7d. There was no personal statement from bankrupt.