MEETING OF CREDITORS.

Oamaru Mail, Volume XXXIX, Issue 10764, 12 May 1911, Page 4

MEETING OF CREDITORS.

IN BE HENRY DOWNING. A. meeting of creditors 1 ui" the bankrupt estate of Henry James Downing, tobacconist, was held at the Courthouse ;tbiS morning before the Deputy-Official Assignee (Sir' A. W.~ W&odward). About a dozen creditors- were present. Mr Lgo watched the behalf of'bankrupt,' and Messrs Hjorring and Ongley appeared for a number of creditors.'' •'

Bankrupt's statement slipped debts to, the value of £257 17s 8d (all unse..cured}. There were no .assets v ; : The list of/unsecured is as follows':—PHay mali a'ttd' CdVy.Dunedin, £6l'ls lOd; Birig, Harris and' Co.',: £55 0¥- 2d.;' Alifeld' Bros., Dunedin,.'£4 i& 6d; Sargood, Son, and Ewen, Dunedin, £l7 5s 3d; W. Scoullar and Co., £9 0s 8d; Kempthorne, Prosser, and Co., Diinedin, £7 10s; H. F. Stephens, Dunedin, £9 8s; A. J. S. Headland, £7 2s 2d ;Garson and Worley, £6 10s 2d; Duncan' fillies; £2B ;/T. W. o®risc6ll,. £23 10s '2d; A: Briscoe and Co.j Dun.idin, £2 8s 9d; J. D. Bissett, £8; Ja's. *'M;acdonald and Co., £1 3s 6d; W. Pygall, £3 9s 6d; A. Mackay, £4; C; Ogilvie, £1 5k 6d; ; J. Presland,; £4; Mason, Struthers and Co., ChriStchurchj 19s; S. M'Donald, £1 3s 6d; C. R. Joll (Oamaru), 15s; Oamaru Corporation, f£l 6s ;'; total, £257 . 7s' Bd. •' Bankrupt, being sworn, stated tha,t lie. was a hairdresser carrying on busi-,-nesS in : Oamaru, and had done so.'for over two" years. He' had debts amounting to £257 17s Bd, all unsecured,; in ; connection witli his business and household. He carried on business .in the premises now occupied by Mr J. Treloar. The value of the stock and fittings when he went out was £l4O, accorttlng to the s'tock v sheets; which 'he could ' produce. Bankrupt jvas put into the business by ;Mr .Thomas -. Johnston, * who.purchased from Curraii. He jia'id £145/ for the I stock and; tivo* years ago; and j. sinc& ; then' had carried, oil the.ibusiriess •in li'is; ojvii name! He . giive .Johnston no Security for the money advanced, and had paid no money whatever: to Johnston since taking over the business. He gave Johnston £lo on behalf of debt of £l3 owing, to Mendelssohn in Dunedin, which debt Johnston said; lie had guaranteiid. Johnston asked bankrupt for payiiient fc|r : 'the; business after he had been hi one year, but never since had he asked for any -paymentThere was no interest mentioned in'regard to money advanced.-.: Bankrupt understood the arrangement' was that he was" to take ovfer'.the'business an< i pay Johnston-when he" coiild. •:-!A. .week before going oiit Johiiston-asked him how Tie was getting on, a nd ; bankrupt said his position was'not good,' arid told him the amount of debts owing. Johnston thought it was not worth while going any further, and bankrupt ari ranged with Johnston for the business to lie sold. .Johnston saw Treloar and arranged to sell the business at- valuation, which panic to £l4O. Could not say what Treloar paid Johnston. There was nothing signed between' bankrupt and Johnston when Treloar took over the business. Bankrupt said he earned about £2 1.5s per week before starting in business, but that was not suffir-iont to keep himself and family. Apart from the shop bankrupt's assets were almost nil. There was a piano, on account of which £4O was paid out of money allowed his wife. The furniture was bankrupt's, but would hardlv realise £25 at auction. There were £3O hook debts owing which might realise about £2O. Bankrupt was now working for a weekly wage. He had a wife and three children, and could make no offer. He had no cash book to show takings. He only kept a day book and ledger. Bankrupt averaged rf;10 to £ll per week at first. He paid 30s weekjv for rent, and admitted indulging in horse-racing, but did not lose heavily. Mr Hjorring (on beha'f ol Messrs P. Hayman and Co.) moved the following resolution, which was agreed to: —"The creditors agree to accept an offer of Ss in the £ clear of expenses, and that the meeting be adjourned until Tuesday, 23rd May, at 11 a.m."