BANKRUPTCY CASES.

New Zealand Herald, Volume XLV, Issue 13868, 30 September 1908, Page 8

BANKRUPTCY CASES.

EXTRAORDINARY STATEMENT. BUSH CONTRACTOR'S INSOLVENCY. The adjourned meeting of creditors in the estate of John Purcell,' bush contractor, was held at the office of the official assignee yesterday afternoon. The assignee (Mr. E. Gerard) presided. Bankrupt estimated his assets at £9340, and £1000 of this was stated to be, in timber rights. Stock-in-trade was valued at £300, book debts £100, furniture £40. The sum of £7900 was put down as surplus from securities* in the hands of secured creditors. Bankrupt estimated his debts at £6651 2s 3d, and his total surplus at £8674 17s 9d. In his statement to his creditors, he said that a few years ago he was bushcontracting, and acquired the whole of the timber rights in the Te Mate watershed, between the Thames and Coromandel, estimated to be worth between £7000 a.nd £8000. He had a contract with a firm of sawmillers to supply them with all the timber delivered at their mill, but owing to some alleged defect in his title he .was- prevented from working the timber. The Crown Lands Department declined to acknowledge his right to work the timber, and the firm of j sawmillers consequently broke their contract. He was negotiating for the sale of the bush when he incurred the debt for which judgment had been obtained. He still claimed his interest in the'Te Mata timber, and also in the kahikatea timber in the Waitekauri district, the value of which he estimated at £1000. He had sufficient timber cut at Te Mata to more than cover his liabilities. Three years ago he was storekeeping at Miranda, and the premises, which belonged to another man/were sold by the mortgagees, and he was ejected. "At the outset ui the meeting, bankrupt was not present, but. was represented by his solicitor (Mr. Pilkington). The assignee characterised bankrupt's statement as ridiculous and preposterous. "I am not aware that he has assets of any value," said Mr. Gerard; "lie seems to have been obtaining credit by false pretences. I have not the slightest doubt that a prosecution will follow, but, in the meantime, we want to give the bankrupt an opportunity of explaining this extraordinary statement he has made." After the meeting had been in progress some time, bankrupt arrived. ', He was severely reprimanded by the assignee for his non-appearance at the commencement of the meeting. Bankrupt intimated that he thought the attendance of his solicitor was sufficient. "As a man with some common sense," said Mr. Gerard, " you must be aware that you must obey an order of the Court." Bankrupt was examined at great length by Mr. Buttle, representing the New Zealand Loan and Mercantile Company, creditors to the amount of £276 18s lid, regarding the business transactions referred to in his statement. He said he bought the timber rights from a man named Buckland five years ago. Buckland told him he had the right to put timber into the market. "I didn't think there was anything wrong with the title then," said bankrupt, "and I don't think so now." At the conclusion of the examination, the assignee said the evidence .before him only confirmed him in his original- opinion. The matter would have' to be referred to the Court. ...... The meeting was adjourned sine die. '

A CAFE THAT DIDN'T; PAY. A petition in bankruptcy has been filed by Thomas King, of Queen-street,, and the first meeting of creditors will be held on Friday afternoon next, in a statement for submission to his creditors, bankrupt says he. took over the Strand Cafe on April 22, 1907, and it proved a very bad investment, through ;so many other places in Queen-street opening and dividing the trade. Bankrupt ; also incurred losses on his bakery business. On July 4 of the present year he called a private meeting of. his creditors,' and placed his position before them. He subsequently carried through £1200 worth of contracts for the benefit of his creditors without remuneration.. A Southern creditor obtained judgment against' him, and he filed to protect his other creditors. Bankrupt's assets are set forth "at £914, and his debts at £1872 15s 3d. AN INSOLVENT BRICKLAYER:'; A meeting of creditors in the estate of Frederick Granger Langton, bricklayer, of Queen-street, Grey Lynn, was called for yesterday morning,; at the office of the official assignee (Mr. E. Gerard), but only two attended. In his statement, the bankrupt said that the reason he filed his petition was on account of legal proceedings taken against him by one firm and threats by them of future proceedings. Bankrupt's debts were set forth at £82 17s 6d, and his assets, exclusive of a little furniJure, as nil. ■:..-'.' .: ;;:.:; One of the creditors said that Langton had not been pressed into filing. He had been asked for a small payment per week but had ' declined to make any such arrangement. • . / Langton admitted that he had been leniently treated. ■,•,•''-■•, Mr. Gerard said that all he could 'l do was to order the bankrupt to come-up for his discharge within four months, and the meeting was accordingly adjourned sine die. -■ ' . .'•: ■ :.:••' .■■ '. ;