CREDITORS' MEETINGS.

New Zealand Herald, Volume LXII, Issue 18963, 10 March 1925, Page 11

CREDITORS' MEETINGS.

A BANKRUPT SAVVMILLER. ADVANCE AGAINST TIMBER. [BY TELEGXt ATIt. —OWN O 1 TE KUITT. Monday. A meeting of creditors in the bankrupt estate of Charles Hunter, sawmiller, of Kopaki, was held to day. The official assignee, Mr. W. S. Fisher, of Auckland, presided. Bankrupt's liabilities, all to unsecured creditors, totalled £634 2s Ad, and his assets £555 19s 3d, leaving a deficiency of £l2O os Id. The cash in hand amounted to £514 5s 3d.

In his signed statement bankrupt said he decided to go in for sawmiJJing on his own account because he had the opportunity to buy a mill plant very cheaply. He paid £215 for it. He did not put down any cash, but paid it off at the rate of £2O a month. He borrowed £SOO irom the Tamaki Sawmilling Company and arranged to pay it off by supplying them with timber. He bad sold the mill plant for £650, which he considered :i very good price—much more than it would have realised under a forced sale. Cross-examined, bankrupt stated that he and Mr. Knight, ex-proprietor of Tamaki Sawmill, had examined timber, but it had not turned out anything like as well as expected. He would have been right if Mr. Knight had not closed on the £SOO just when he did. He had then finished the. dry timber, and Mr. Knight refused to take the 0.8. timber. Mr. KnHit had then got the timber to payoff the £SOO. A sum of £64 owing to the Tamaki Company was covered by timber which was cut. The meeting was adjourned.

CHINESE FRUITERER. FAILURE AT FRANKTON. TELEGRAPH* OWN CORRESPONDENT. ] HAMILTON. Monday. \ meeting of creditors in the batiniupt estate of Chan Kce Young, fruiterer, Frankton, was held at, Hamilton, this afternoon, the deputy official assignee, Mr. V. H. Sanson, presiding. Only one credi tur was present. Bankrupt's schedule showed that £JL was owing to unsecured creditors, while bis assets were only £72. His deficit \<as £220. , ~ „ . T n a written statement loung said thai he bought, the business in June, 1924 for £SO He paid £5 a week rent. Die biisidid not come up to expectations. Ho attributed his failure, to hurh expenses losses on consignments of Irmt received in bad condition, keen competition and slackness of trade. Bankrupt said he cambled occasionally, but it had ne\et cost him more than 10s or 12s at any otic time. . r . As there was not, a quorum of creditors no* resolution could be passed.