BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9116, 26 July 1888, Page 6

BANKRUPTCY.

DEBTOR'S EXAMINATION.

John Codling.—John Codling, bankrupt, was examined yesterday before the Official I Assignee, when he deposed : In the latter part of 1875 I commenced business as a hotelkeeper in Auckland, with a capital of £500, unencumbered in any way. I made money up till 1883. In that year I started a brickquarry works at Point Chevalier, but it never proved remunerative. I gave it up in the latter part of 1885, with a loss of £3000. The business of the hotel has fallen off very considerably during . the last three years, and latterly it has not paid working expenses, including rent, wages, fuel, and gas, which amount to £150 18s 8d monthly. In April last Messrs. Hancock and Co. took possession of the hotel under a bill of sale, covering everything in the place, as well as the lease of the premises. Since then I have been making efforts through my friends to raise 2s 6d in the £1 for my unsecured- creditors who, it was understood, would have accepted that sum in full discharge. I failed in these efforts, and made it known to all concerned; no one has pressed or sued for their money since then. I filed because I wanted to be free to make a living. I kept the usual hotel books, namely, cash book, paid-out book, and bank book, "which I now put in. They have been regularly kept, and are posted up to the 7th April last, when I left the hotel. My unsecured liabiliites amount to £731 Is 7d. The only unencumbered assets available are a few book debts, which I estimate to be worth £19 12s Id, and two shares in the Turkish Baths Company, which cost me £10. The various properties acquired by me when I was in a good position have been mortgaged to the extent of £1544 16s 3d, and at present it is hard to say whether any equity could be realised, but I believe something might be got out of three of them. lam now out of employment, and am entirely dependent on my son. There is not the least prospect of my being in a position to offer any compromise. The Ellerslie Land Syndicate. — A meeting Of the creditors of the Ellerslie Land Syndicate was fixed to take place yesterday afternoon at Mr. Lawson's office. At the hour appointed -past two) there were present : Messrs. Ivey, Coleman, Fraser, G. Fraser, Aickin, and C. Buddie. On the application of Mr. Coleman, who appeared on behalf of the Bank of New South Wales, the meeting was further adjourned till August Bth, at half-past two m.