Woodville

Manawatu Times, Volume LIV, Issue 6919, 27 May 1929, Page 5

Woodville

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i'rom Uur Uwn Com..''puud>.'Si t . A nu cling w;is held uu J I'Ui'odey in 'iiiHciimi with ;lie bankrupt estate oL any inoud Kennedy. J'niuier, o.L Maiiaicii• • • l We.-1, when ihe D.O.A. (Mr. ,1. D. \VU.-i-n> piv. i'Tei!. There were no credi;er.; pre.-eut. .Me M. M. .Smith repreenieJ bankrupt. J ll his written statement Le.nkiupf set liis liabilities down as i'TS 8/11 to in. i (‘until creditors ami his assets nil. lie stated that he hud leased -'ll acres I'rom Mr .T. Nelson at l.'o/- per acre. The United Dairy company lmd bought rows for him and was to take halt of the cream cheque, but it had taken ihree-ijunrlcrs of it. leaving him with ig/ij per week on which to support a wife, and baby, lie lead had an illness while on the farm and had been in hospital. He had paid creditors as much as he eouid cac-b month, but on April :hi he found he etejld not curry on, as ho had no stock and no money to carry cm over the winter. Examined, bankrupt stated lie had no capital when lie started on the farm, llis statements of assets and liabilities was a true one. He had been ill while on the farm and had spent some time in hospital. He had not paid any money to the Hospital board. There were no assets and he hud very little furniture, and he had rented a house, us there was no house on the farm ho had leased. He was not working at present and had had no work since he had left the farm. The D.O.A. said he had received a letter requesting authority to sell the little furniture left in the house in order to reduce the amount of rent owing. The D.O.A. said he could not consent to this, as the bankrupt had a right to his furniture up to £SO. Mr Smith said that bankrupt had been left with so little stock that it had been a hopeless case from the start. Woodville Bankruptcy A meeting of creditors in the bankrupt estate of Alfred King Boyd, blacksmith and mechanic, of Woodville, was held in the Magistrate's Court on Thursday afternoon, when the D.O.A. (Mr J. D. Wilson) presided. A good number of local creditors attended. Mr W. A. Lyon appeared for bankrupt, and Mr M. M. Smith for the creditors. In his written statement bankrupt

I ii .-itMomit owing to uu.-e----1 rie-lituiv :it MU'-IS •! 'IU. The a-;- ' optima. at fcsOJ JO/-, k'av- : i; a .leJicieucy (if il-i»2 1-1/11!. 1 lank nipt stated that the blaek-oui'.h-ing business lin'd fallen off owing to the inm-asiug number of motor vehicle/, and he had dealt in hardware and ironmongery. In February he had offered his Xew Zealand creditors 5/* in the til, but a number had refused to accept this, lie had not at any time drawn up tii tradesmen's wages, and he attributed his insolvency to being undercapitalised and to the slump. Examined regarding liis affairs, bankrupt stated that he had not had regular stocktaking lately. lie last took stock about IS months ago, when lie made out. a balance sheet in order to discover Iris position. He considered his Jiuancial position was all right at the time of stocktaking, but, he could not remember .just what the -figure;) were. He was tirst pressed for debt about IS months ago, and there had been a number of judgment summonsQ.s since then, and some distress warrants had been issued against him. He had paid on the judgment summonses and on some of the distress warrants, while some of the distress warrants were not satisfied, ns there was a bill of sale over stock. A correct record had been kept of all moneys received and all moneys paid out, and his pass book would account for it all. Mr Smith suggested that the meeting be adjourned until the D.O.A. had gone through the books. The D.O.A. thought it would be in the interests of creditors if the business were kept open in the meantime, as there wore some uncompleted machines which could be made ready for sale. Bankrupt said that the work in hand would not keep him going more than u week and a half. It was resolved that bankrupt should operate the business until Saturday week as an employee of the estate, retaining the services of the two assistants. It was decided, after some discussion, to pay bankrupt £6 per week from the date of bankruptcy. The D.O.A. was authorised t-o dispose of goods, now on consignment, by private sale. The meeting was adjourned until June 6 at 2 p.m., to allow distant creditors to complete their claims and to enable the D.O.A. to examine bankrupt’s books.

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