FEILDING NOTES.

Manawatu Times, Volume XLVI, Issue 2648, 17 May 1923, Page 2

FEILDING NOTES.

MEETING OF CREDITORS. ESTATE OF E. WHITEHEAD. Mr. C. E. Dempsy, D.0.A., presided over a large meeting of creditors in the estate of E. Whitehead, yesterday, including Messrs Cooper, Lightbaud, Tremaine (Bain and Co.), Armaud (Baldwin and Co.), G. Bartholomew, Carthew, Quayle, Bramwcll, Fitzgerald, Spiers (Barraud and Abra. ham),’Barton, and Izard. Mr J. Gra. ham appeared for the bankrupt. On being sworn, bankrupt made the following statement: —“I have been in business as a baker in Feilding for many years, and succeeded in building up a good business. In January, 1921,1 purchased from Mrs. E. A. Barton her house in Monmouth Street for £SOOO, and for this purpose mortgaged the property on which my Feilding business was carried on, and also other assets, I now realise that 1 gave too much for the house property, and to. day it is worth a great deal leas than I purchased it •for, and since the pur. chase its upkeep, including interest payments, has been a continual drain on my resources. My business suffered very considerably during the slump period. One year alone local competition! and cuts in bread prices cost me over £3OO. My business has also gone down considerably since lh 0 Saturday half.holiday was inaugurated. Had I not been loaded with the Monmouth Street purchase, or had I been able to arrange the necessary finance to ac. cept Mrs. Barton’s terms as to the taking back of the property, 1 should hav e been able to carry on, but in the eir. cuinstances I had no alternative but to file.”

Under examination, bankrupt stated the amount owing to Mrs Barton was £•6040 and the security was valued at £4OOO. The amount owing was made up: £SOOO for the property, £9OO for cash advanced, the balance being inter, est.

The D.O.A. said that Mrs Barton would give up the securities if she was compensated. If not, the slock must be realised, and that would not be worth so much. He suggested giving time to Mrs Barton to consider what proposal she would make.

Mr Armaud asked if the promissory note due on April 1 had been paid. Bankrupt said there was money in no bank when the bill became due, and the bank tfaid it.

Bankrupt was also asked about security given tu Hodder and lolle>, a iid wjieiner he Knew lie was bankrupt at the time.

Bankrupt replied in the affirmative, but said he hoped to carry on and that the security was given to Hodder and Tolley only after their threat to sue immediately. Mr Izard, for Mrs Barton, said they were prepared to surrender all securities and to take back “Bracbui-n" on payment of £I2OO. It the offer was not accepted, Mrs Barton wouid be entitled to her share of the. dividend, but would give that up if her offer was accepted. He further proposed that they should discuss the matter with a committee of creditors. The D.O.A. considered the offer a very fair one and that the idea of a committee was good. The creditors would require to find the £I2OO. Mr. Armani also thought the offer should be accepted and stated his readiness to pay his share.

The D.O.A. was authorised to carry on the business in the interests of the creditors, and th c following committee was appointed to confer with Mrs Bar. otn and report at a subsequent meeting: Messrs Bramwell, Quayle, and the D.O.A.

Mr Carthew mentioned that a credi tor who had spent a considerable sura out-of pocket on freight on behalf of thc bankrupt might have his' claim treated as a preferential one. He con. sidered it an unusual case that required unusual treatment. The D.O.A. said this would require the unanimous consent of the creditors and as some of those present objected nothing further could be done.