INSOLVENT'S SURPLUS.

New Zealand Herald, Volume XLV, Issue 13722, 11 April 1908, Page 8

INSOLVENT'S SURPLUS.

MEETING IN BANKRUPTCY.

AX INTERESTING CASK,

Thjs iir.st meeting of creditors in the insolvent estate of William Thomas Pcthybridge, house furnisher, of Auckland,* was held yesterday before Mr- E. Gerard, official assignee. The liabilities in the estate are £1505 2s, and the assets arc set down at £2980. 0s 3d, leaving a surplus; of £1476 18s 2d. The assets comprise stock-in-trade, estimated at £2025; book debts, estimated to produce £250; plant, £137; equity on lease, £143; furniture, £82 Os 3d; cash in hand, £27 12s Id; surplus from secured creditors, £315 7s lid.

The debtor's statement showed that he commenced business on December 23, 1905, with a capital of £217 19s Bd. On March 16 his premises were destroyed by fire and wafer, which affected over £1000 worth of stock. He received £294 from the insurance company, but estimated his loss at £300. ; Trade was good till February, 1908, when" there was a considerable falling off. He filed the petition in bankruptcy in March as a consequence of the pressure of two of his creditors.

< Mr. Gerard said he had had the stock taken out, and found it to be fully £200 more than, was anticipated, which, allowing for contingencies, showed that the bankrupt had a surplus of over £1400. He bad every reason to believe that the estate would turn out favourably, and it seemed to him almost a pity that this man was asked to file. It seemed to him that there was almost no need for it. The stock was of such a nature that he could not forecast how it would sell. It was a new stock, and exceptional care had been taken of it.' The books had been kept in good order. He . proposed calling for tenders for the stock. A creditor stated that at the original meeting there was nothing whatever against the bankrupt. The estate was assigned because the merchants thought that the assignee knew better how to deal with the matter than anybody else. They also thought the case was to be dealt, with privately. • Another creditor remarked that the estate showed so well that it was thought possible that bankruptcy would be avoided. Another Creditor: I was treated in a most unbusinesslike way. Mr. Gerard said it was the creditors' business how they treated the debtor. It was his (the assignee's) business to see the dividend was as much as possible, and if there was a surplus in a particular estate it was his duty to take care of the bankrupt. The estate with which they were dealing showed an undoubted surplus, although it didn't show 20s in the £ now. The creditors decided to allow the bankrupt his household furniture. The realisation of the estate was left in the hands of the assignee, and the meeting adjourned.