MEETING OF EADES CREDITORS.

New Zealand Mail, Issue 771, 10 December 1886, Page 11

MEETING OF EADES CREDITORS.

The first meeting of creditors in the estate of Wm. Eades was held on Wednesday. There were about a dozen creditors present, and the Official Assignee presided. The Assignee read the debtor’s statement, showing the liabilities to be :—Unsecured creditors, £232818s ; secured creditors, £IOOO (estimated value of securities, £482 13s); other liabilities, £3Bl 5s lOd ; total liabilities, £3227 11s Sd. The assets were—Stock-in-trade, £982 10s 3d; book debts, £3Bl 10s sd, estimated to produce £2OO ; cash, £1 4s 2d; furniture, £6O ; property, £682 0s 6d ; total, £1925 14s lid ; deficiency, £l3Ol 16s 9d. Mr Eades had not sent in any formal statement as to his present position. He had sketched out a profit and loss account. From this account it appeared that Mr Eades had dropped a considerable amount on sundry contracts, in all £lOl3 16s lOd. Bad book debts in this account were—R. Scott (a bankrupt), [£los ; sundry, £SO; W. R. Waters (say), £l2O ; Bank of .New Zealand (retainmemt of promissory note), £BO 13s; total, £358 13s. Total loss, £1372 9s lOd. In answer to the Assignee, the bankrupt said he could not remember any contracts upon which he had made a profit. He believed he had lost every penny he put into the Cuba-street shop. Mr Jellicoe (who appeared for the bankrupt), said Mr Eades’ position was pretty well known to the creditors, and they would be able to judge whether he had been an extravagant or indulgent man. Mr Eades said he had not charged any wages for himself or his wife in the business for some years. In answer to a question, he said he could not say how long he had been insolvent. He ought to have kept a clerk, no doubt. The debt to Halley and Ewing had been owing for some five or six years. Mr Halley said the amount was about £590 in 1883.

The Assignee asked whether the bankrupt was prepared to make any offer. Mr Eades did not think he could. He had not a penny left in the world, nor had his wife. He would be willing to do all he could at evening to give assistance gratuitously in connection with his estate. He felt that he was to blame, and anything he could do, he would.

A discussion ensued with respect to a contract which Mr Eades was carrying out, and which would probably be forfeited. It was eventually decided, on the motion of Mr Lachman (Hayman and Co.), that subject to the approval of Messrs Hutchins and Halley, the Assignee should be authorised to carry on the contract.

Mr W. Nathan moved, That the stock-in-trade be sold by auction with the least possible delay. Carried. Mr F. W. Haybittle moved that the Official Assignee be empowered to collect the book debts. Carried.

Mr J. D. Baird moved that Mr Eades’ furniture and private effects be handed over to him. Mr Eades was an old man who had to make a fresh start. Mr Eades had been unfortunate—foolish, perhaps—but he thought the creditors should give him back his furniture. Carried.

It was decided, on the motion of Mr Baird, to recommend that the debtor should have his discharge at once. With respect to the business, the Assignee was empowered to employ Mr Eades, if necessary, at such remuneration as he thought fit. This was all the business.