BANKRUPTCY.

New Zealand Herald, Volume XXXVII, Issue 11541, 28 November 1900, Page 7

BANKRUPTCY.

CREDITORS' MEETING. A meeting of creditors in the estate of Stapylton Cotton Caulton was held in the office of the official assignee yesterday. The following creditors were present:—Messrs. W. A. Fenton (Fenton and Co.), W. J. Carter (W. S. Jones), and Grainger (Hurst and Co.). Mr. Grainger presided. Tho debtor, in his sworn statement, sot forth that in 1895 ho filed a petition in bankruptcy. He was then a hotelkecpei in Auckland. On that occasion his estate had paid 4s 3,Jd in the £, and ho got his discharge in May, 1896. After that he was enabled, by the assistance of a friend, to take the St. Heliers Bay Hotel, which he carried on until April, 1899, when he got into difficulties, owing to expenses incurred in anticipation of increased business in connection with the Exhibition. He was obliged to give up the hotel, and called # meeting of his creditors, who agreed to allow him to retain hit racehorses, in consideration of his undertaking to paj 5s in the £. He had done his best $ith tho horse 3 rinee'then, but owing to bad luck had been unable to pay any of the 5b promised. Pressure of creditors had now compelled him to file. He owed £834 3s 4d to 45 unsecured creditors, and his only assets consisted of two younts horses, which he valued at £25. He also owed £100 to R. Cloland, for money lent on a bill of salt, over three racehorses, valued at £350, viz., one blood mare, Porangi Potae (value £200), one racehorse Nikau (value £50), one racehorse Bolfast (value £100). These horses were now at St. Heliers Bay in debtor's charge. There being such a itnall representation of creditors those present decided to adjourn the meeting foi one week from date.