MEETINGS OF CREDITORS.

New Zealand Mail, Issue 878, 28 December 1888, Page 24

MEETINGS OF CREDITORS.

W. CLARK. The first meeting ot creditors in the estate of William Clark, draper, was held on Friday afternoon. The Official Assignee presided, and there were about twenty gentlemen present. Mr Travers advised the Official Assignee, and Mr Jellicoe and Mr Gully represented creditors. The statement of assets and liabilities showed a deficiency of L 1877 2s 6d ; the liabilities being L 12,377 15s lid,-and the assets L 10,500 9s 9d. The bankrupt’s statement set forth that in 1854 he commenced business by taking over the stock of his employer to the value of LBOOO, having no capital to begin with. Being unable in 1860 to pay the balance due—Ll6oo—-lie obtained a rebate of LIOOO, and then found himself with a credit balance of L9OO. For two years be was supplied with goods by two Wellington merchants, to whom he paid LSOO as a share of the profits. He continued to carry on business, and in 1883 his credit balance stood at L 350 0; and in 1885 it was L6OOO. During the 30 years he.had then been in business, on one account he lost LIOOO, and his average los3 yearly was Ll5O in bad debts. He imported largely in 1884-5, and in 1886 on taking stock he found that he had remained about stationary, but was overstocked from August, 1886, to August) 1887 ; lie endeavoured to reduce stock and liabilities, which he did to some extent, but with a loss of over L2OOO, as shown at the annual stock-taking in 1887. This was caused by having to force the sale of unsaleable stock, and also on account of not being able to obtain a fair profit on the good stock, as well as loss in bad debts, L 350. During the first 25 years he had paid interest from LIOO to LSOO a year, and for the last nine years from L6OO to LIOOO a year. In August, 1887, finding that he was losing money he laid his position before Messrs Clarkson and Sou, his.principal creditors, who decided to put in a manager. To this the bankrupt consented, and since September, 1887, Mr Cooper had managed the business, but had not been able to make it successful, a great loss having been sustained during the last fifteen months. Tie was under the impression that a manager being put in relieved him (Mr Clark) of all responsibility, but Mr Clarkson informed him that that wa3 not so. Therefore he had filed, after consulting his creditors. Mr Jellicoe, on behalf of Messrs Clarkson and Son and Buttenvorth Bros., urged an adjournment of the meeting on the ground that as (he petition was only filed on Tuesday, creditors living at a distance had not had sufficient notice of this meeting. The Official Assignee said the feeling of the creditors present was, he believed, that this should only be looked on as an informal meeting, and be adjourned till the 4th January, when the holidays would be over. He had closed the premises, and

had given instructions to Mr Cooper, who was carrying the business on, to take stock. Mr Cooper,. however,, would not do anything in tho way of listing, because there might have been objections to his doing that, seeing that he had previously taken stock for Clarkson and Sons. Mr Gully supported the adjournment, and suggested that some independent person should be selected to take stock. In tho meantime the Assignee might receive any private offers for the stock, which could be considered at the adjourned meeting. If no snch offers were made, tenders could bo called, and some other way of disposing • tho stock decided upon. He asked whether Mr Clai*kson would bo in Wellington when the adjourned meeting was held. It was intended to contest Messrs Clarksons’ position in several respects, and the Assignee would be asked to obtain an opinion as to whether any payments received by the firm during the last fifteen, months were preferential payments. It might be necessary, therefore, to examine Mr Clarkson. Mr Jellicoe had no doubt Mr Clarkson would be happy to be here at any time the Assignee might appoint. He was not able, however, to give any assurance on the matter t .because he did not know what Mr Clarkson’s movements were. Mr Travers pointed , out that the. Assignee had power to summon Mr Clarkson at any time, and under the circumstances no doubt he would think it necessary to do so. - . After some further discussion the meeting was adjourned to tlie 4th January, the Assignee remarking that he would look into the matter with a view to having Mr Clarkson examined. W. B. GIBBS. The first meeting of creditors in the estate of W. B. Gibbs, insurance agent, was held on Friday. There were three creditors present, and the official Assignee presided. The. bankrupt’s statement set forth .that"fee lost L3OO by contesting,. the Motueka and Nelson seats at the last general election, having previously had about L2OO to his credit. Since then he had tried insurance agency and other work, and was forced to file on account of his creditors pressing him. An estimated deficiency of LlB7 was shown in the statement of assets and liabilities. Examined on oath, the bankrupt said he had kept no books. He started to contest tho Motueka seat at the last election, but subsequently contested Nelson instead, resigning his position in the Government Insurance Department to do so. If he had been elected he would have got into another insurance office. He was standing in the interest of the Government of the day, and it was understood that if he lost lie would be taken on again. He was now travelling for the Australian Mutual Provident Society. Mr Toxward said Mr Gibbs had apparently been the victim of misfortune and perhaps a little mismanagement. He moved that the bankrupt be granted an immediate discharge. This was seconded by Mr A. Curtis and carried.