BANKRUPTCY.

New Zealand Herald, Volume XLII, Issue 13014, 3 November 1905, Page 7

BANKRUPTCY.

MEETING -.OF CREDITORS. ■AN • adjourned meeting of creditors in the ] estate" of John Coleman- Bascombo,. bush contractor, Raupo, was held at the official assignee's office, Government Buildings, yesterday afternoon. ■ The assignee, • Mr. E., Gerard, presided, Mr. Mahony appeared for the bankrupt. - ' '_ Mr. Gerard stated chat he had received a. telegram from Mr. Frank Jackman, of Whakapirau, making an offer of £150 for tho available loose assets in the estate. V After a short discussion ,it was decided,; upon the suggestion of the assignee, to submit the bankrupt to an examination as to his" business relations with Mr. W. H. H. Jackman, a secured creditor. The- bankrupt, being sworn, stated that he first entered into business relations with Mr. Jackman in May, 1902. At that time he (bankrupt) bought several lots of standing timber from the natives and bush from Mr. Jackman for a total sum of £610. " The price of Mr ' Jackman's bush was £250. When he bought these bushes he had £200 in hand, which "he used as purchase money, and he borrowed the balance of the purchase money, £+10, from Mr. Jackros.n. The actual money spent, however, before he could remove the tinibei amounted to a considerable sum, as some difficulty arose in obtaining proper titles from the- natives.; Mr. Jackman assisted - him in this • matter. He arranged with Mr. Jackman to pay him off as ho sold the timber, and undertook at the sanie time to buy all his goods from Mr. Jackman. He gave orders to Mr. Jackman to collect the various sums upon timber sold, to pay wages, and to ' credit bankrupt with the balance, if any. He supposed that it was Mr. Jackman who suggested that he should raise money from the bank. , Witness did not keep any books excepting those which gave the time worked by,the men. Mr. Jackman kept an account of all the monetary transactions which passed between bankrupt and himself. . . - . _ The Official Assignee, in. reply to a creditor, said that the total amount due to unsecured creditors was £676 18s 4d, against which they only had an offer of £150 for the available loose assets in the estate. ■

Tlio meeting was adjourned, until next week, the date being left in the assignee's hands. The assignee was also instructed to take steps to secure tho attendance of Mr. Jackman for the purpose of having him examined. . - - •

Mr. Mahony said that Jackman . would have no objection to being examined. Robert Salmon, butcher, Auckland, filed a petition for adjudication as a bankrupt at 'tho Supreme Court yesterday. The first meeting of creditors in the estate will be held next week. The date has yet to be fixed.