BANKRUPTCY.

New Zealand Mail, Issue 1247, 23 January 1896, Page 29

BANKRUPTCY.

MEETING OF CREDITORS. A meeting of the creditors of Paul August N. Reimer, trading as a wine and spirit merchant, under the style'of Tay ton and Erskine, took place on Monday. Mr j. P. Campbell appeared as solicitor for the bankrupt. The Official Assignee, who presided, explained that a lot of bond warrants were lodged with the Bank of New South Wales. They amounted to .£2SB, and there were also consignments to an amount of .£75. The Bank’s claim was .£B6, but with interest it might probably amount to .£9O or «£92. The Bank was to have let him him know whether it would hand over all warrants to him on the understanding that out of the first sales its overdraft should be paid or whether it would name an agent satisfactory to the creditors who would realise these things subject to reference to the Assignee if anything less than the face value were got. Mr Molynoaux had not yet replied. It was highly desirable these goods should not be sacrificed. The Bank would be perfectly satisfied if it got its 90 odd pounds, but he thought the creditors ought to have a say in the sale of the goods. Perhaps the Bank would hand over the bond warrants on the understanding he had mentioned. The consignments would not be touched unless there was an insufficient return from the other goods to pay the overdraft, a contingency not very probable. For the actual stock in the shoo —not consignments —Mr Reimer was satisfied he could do much better in the way of realisation than the acceptance of an offer made by a local merchant would produce. Mr Reimer, of course, would have to be paid for his services, and he (the Assignee) did not feel justified in employing him without the consent of the creditors. The small goods -were rather difficult ones to deal with, consisting as they did of framed pictures, fancy corks, oleographs, toy mirrors, accordeons, corkscrews, frames, &c.,and Mr Reimer said they were put down at scarcely the net cost. Then there were also the wines and spirits, which might possibly be dealt with in the same way. The experiment might be tried for a fortnight, and if it did not succeed they must take some other course. After some discussion as to the bankrupt’s

transactions with his landlords, Mr Molyneaux was rung up on the telephone, and was stated to have said that he was prepared to fall in with the creditors’ decision as to the best mode of realising on the bonded goods. It was then resolved, on the motion of Mr Gale, seconded by Mr Maginnity, That the Assignee arrange with the Bank of New South Wales as to realisation of bonded goods, and to get a guarantee for payment of overdraft out of first proceeds if the bond warrants are handed over : that Mr lteimer be employed to sell these and the fancy goods under control of the Assignee, all proceeds to be paid to him, and Mr lteinier to receive 10 per cent, commission on fancy goods and five per cent, on wines on such completed sales.” The Official Assignee, in submitting the balance-sheet, said it seemed to him to account in a way for a very large proportion of the losses. The bankrupt’s clerk had made up the books in the ordinary course, but without having these books gone through in every detail he (the Assignee) could not say it was correct. A loss of =£4oo in the three months between August and November last seemed a very large amount, but from beginning to end there seemed to be nothing but losses. There was a fog as to payments made from the private estate of bankrupt’s wife. It was finally resolved on the. motion of Mr Gale, seaouded by Mr Maginnity, “ That the Assignee bo authorised to employ an accountant to check the books and balancesheets at a cost not exceeding such sum as the Assignee may deem reasonable.” In answer to questions the bankrupt said the stock in the premises was insured for .£SOO, and that the goods in bond were insured for £IOO. It was suggested that this latter insurance should be increased, and the Assignee promised to look into the matter. The liabilities in the estate of William Standen, carrier, are set down at £99 13s Id, and the assets at £37, the principal part of the latter being furniture valued at £25. The principal unsecured creditors are: —Fitchett, £l7; C. Smith, £l3; Commercial Agency Company, £lO 10s; Rouse and Hurrell, £7; and G. Redding, £o 19s 3d. The only secured creditor is the Pacific Loan Company, which, for a debt of £133 holds security valued at. £l4O. . ;; \ In a wiitten statement to the Official As-

leading to his bankruptcy commenced in January, 1894, when he injured his back, was laid up for three months, and lost his employment. From April to July, 1894, he earned only .£3O. In January, 1895, he entered into partnership with F. Huxtable as agents, &c., and their average net earnings were about .£1 a week. They negotiated a loan of .£lO with the Wellington Loan Company. In May he parted from Huxtable, leaving him ,£l2 3s to meet his share of liabilities, which included half the .£l6 loan. The bill came due in July last, and a renewal was obtained to October. Since then he had been sued for the full amount of the bill, and also by some other creditors, and so had been compelled to file. He had a wife and five children, and was unable to make any offer. John Joseph Pooley, builder, was adjudicated bankrupt on Friday. His creditors will meet at 11 a.m. on the 24th inst.

Percy White, jockey, Hastings, was adjudged a bankrupt on Tuesday. A meeting of his creditors will be held in the Official Assignee’s office, Wellington, at 11 a.m. on Monday next. His unsecured debts are stated at <£ll2 ss, divided among nine creditors, of whom the largest are James Irvine, dentist. Christchurch (<£33j and W. Sliipton, billiard-marker, Wellington (£135). Of assets there are practically none. There are some secured debts. A. Robinson, horse-trainer, of Hastings, has a claim for <£3Bs secured by a first mortgage over a house and allotment

at Hastings, valued at .£350, and John Kitchie, solicitor, of Christchurch, has a claim for <£7o secured by a bill of sale over furniture, valued at £llOO. The deficiency in the estate is <£] 17 ss.