BANKRUPTCY.

New Zealand Mail, Issue 1204, 29 March 1895, Page 26

BANKRUPTCY.

Henry Goodland Mayo, grocer, late of Petone, has been adjiidged a bankrupt. The liabilities in the estate are put down at £259, and the assets, consisting of book debts (set down at .£lOl lis 3d), estimated to produce £55 9s. The principal creditors are W. Reid, Wanganui, .£100; Kitchen and Co., .£23 16s 9d; Phcenir Biscuit C 0.,: Dunedin, £22 3s 9d • Milling Co., Timaru, £lB 7s 8d; Crease and Son, .£l9 14s 3d; Kempthorne, Prosser and Co., £l4 5s 5d ; John Ma'nttan, £l6 14s 8d; Wilkins and Field, £lO 5s 6d; Sharland and Co., £ll 7s6dj A. S. Paterson, £l3 12s

A meeting of creditors in the estate of "Wheeler and Kraft, booksellers and stationers, was held in the Official Assignee's office on Thursday morning, Mr J. Ashcrof t (Official Assignee) presiding. The bankrupts stated that they took stock in January last, and the value was £223. The sales since then amounted to £4B. Mrs Kraft offered £65 for the stock and fittings, but as two of the creditors objected to a

private offer being accepted, the Official Assignee decided to invite tenders for the stdek. The bankrupts were allowed £1 each.

An adjourned meeting of creditors in the bankrupt estate of Dryden Bros., plumbers, was held on Friday, the Official Assignee presiding. The chairman read the report of the accountant who had examined the books of the firm, which, he said, were kept in a very slovenly manner, and it was difficult to make anything out of them. It was understood that Mr Varley had gone away, but upon the statement of account he could not claim any wages from the firm. On the motion of Mr Simpkin, it was decided: "That the Assignee, acting on the advice of a solicitor, with respect to the amount due to the National Bank, allow them to collect orders to cover their claim." On the motion of Mr Simpkin, seconded by Mr Farmer, the bankrupts were recommended for their discharge, and the meeting was then adjourned sine die. A meeting of the creditors of Henry Goodland Mayo, formerly in business as a grocer at Petone, was held Wednesday forenooir, the Official Assignee presiding. Mr Bunny appeared on the debtor's behalf. The Assignee thought the action taken by Mr William Eeid, of Wanganui, (debtor's father-in-law) was rather hard. He started his son-in-law in business by advancing him .£IOO, on the strength of which the debtor obtained credit. Then when he failed and filed, the father-in-law proved for his advance of £IOO as against the other creditors. In his opinion the debtor had committed a breach of the law because he incurred debts which he had no reasonable prospect of paying. Mr Eeid said that his instructions to his son-in-law when he advanced the money were I particularly not to go into debt, and if his profits did not increase that he was to | stop. As a matter of fact, he had not been aware that his son-in-law was getting into debt, and had not known anything was wrong. The Official Assignee said Mr Eeid was acting quite within his legal rights in proving for the loan. Still, as the dividend would be very small, he suggested that as a matter of grace Mr Eeid might retire. It was quite evident the debtor was a man of very small capacity for business. According to the Act,if a trader carried on and got into debt when he was actually insolvent he was liable to be brought before the Court and imprisoned. In this case if Mr Eeid withdrew his claim Mayo would probably not come under the operation of this provision. If he withdrew and another .£25 Were found the estate might pay 10s in the pound. Mr Bunny did not think the case came within the meaning of this provision all. The debtor, as the Assignee had said, was a man of but small capacity for business. Moreover, when he stopped he was justified in assuming he would realise sufficient from his stock and book debts to pay 20s in the pound. . The Assignee expressed the opinion that when the creditors agreed to take a composition of 10s in the pound they condoned the whole question, even although that composition [was not carried out. Ultimately Mr Eeid said. he would withdraw his claim for" recognised that his son-in-law had not much "tact" for business, but it also struck him that he had managed to get into the hands of business men. The Assignee said under the circumstances he did not think there was very much wrong. The debtor had stated he felt morally bound to pay his creditors in full, but of course a book entry could not be made of such a promise. It was resolved on the motion of Mr B. Davies, seconded by Mr Crease, to recommend the debtor's discharge.

A meeting of the creditors of Wheeler and Kraft, booksellers "and stationers, Manners street, was held at noon on "Wednesday, the Official Assignee in the chair. Two tenders were received for the purchase of the assets, viz., "W. F. Hopkins (Christchurch), 6s 8d in the Spouhd, equal to £47 13s 6d; W. H. Green and Co. (Wellington), £4O. The Assignee said the creditors had practically cut off their nose to spite their face. Mrs Kraft's offer of £65 not having been accepted had now been withdrawn, and Mrs Kraft had now put in no tender at all. The £47 13s 6d offered by W. F. Hopkins would barely pay rent and expenses. He must say that if he had not felt himself bound by clause 65 of the Act, requiring public tender or auction, he would have overruled the dissentient minority -and accepted Mrs Kraft's offer. It was agreed to accept W. F. Hopkins' tender of £47 13s 6d, and the meeting was then adjourned sine die. Frederick William Beale, clerk, "Wellington, was adjudged bankrupt on Wednesday upon his own petition. Dunedin, March 25. In bankruptcy to-day Mr Justice Williams declined to make an order in the case of Samuel Simmons, a country bankrupt, stating that in justice to the trading community, and in mercy to himself, the applicant should not be in a position to carry on trade. The discharge of John Loughlin, horse trainer, was suspended for 12 months.