MEETING OF CREDITORS.

Nelson Evening Mail, Volume XXIII, Issue 160, 26 July 1889, Page 3

MEETING OF CREDITORS.

jJSIThe first general meeting of the creditors of I James Patching, briokmaker, a bankrupt, took place yesterday afternoon, the Deputy Official Assignee presiding. The following is j j the bankrupt's statement : — I lam a briokmaker, and have been in basi- | ness in Nelson about 11 years. Seven years I ago I was worth a fair amount, but my I property in Toi Toi Valley was mortgaged for I I £700. It was then worth the same as now, j £1000, and I did not owe anything muoh, and j | could have paid up at any time. I was then in full Bwicg with the works, and was able to [ pay my way till that time_ From that time dullness of trade set in and orders fell off, things getting worse and worse, till about 18 months ago when I oalleu -i private meeting of my creditors. I then o *,*-*, d £368. My creditors at that meeting agreea io wait till I oould pay them, and I have tried my best to pay them, and have paid a large number, nearly all except the debts for wages, and Mr Wilson and a few others. In order to pay these old creditors I had to get into debt with other people. The amounts due to my Bona are for -wages. Two out of the three were engaged at £1 per week, and the other made me 80,000 bricks at £1 per thousand. He oame from Wellington to make them for me but has not reoeived anything for his labour. The amount due to Mr Wilson for rent is for the house in which I now live. I am not living in the house mortgaged to the Savings Bank. Mr Anstice was pressing me for his aooount and sued me and obtained judgment. This was the cause of my bankruptoj* , for if I had been allowed to go on I think I should have been able to pay them all in time though it would have taken a good while. My stook is now worth £50 and consists chiefly of drain pipes, junctions, &o. I have not a large family at home, only one little girl, and my household expenses are but small. Mr Anstice said that at the private meeting j of creditors referred to they had all agreed to wait, but as Patching was not getting a bid better off, and he saw no chance of getting his money, he took proceedings. The Assignee said that Patching appeared to.be in a worse position now than at the private meeting of his creditors, the debts remaining about the same, while the stook had grown less. He considered it very doubtful whether the property would realise the amount of the mortgage, and the only asset would be the stock in trade. It was resolved to wind up the estate to the beat advantage, and tbe meeting broke up.