MEETING OF CREDITORS.

Otago Daily Times, Issue 10416, 19 July 1895, Page 4

MEETING OF CREDITORS.

A meeting of creditors in the estate oE John Goro (trading as Gore, Allen, and Co.), livery stablokceper, was held at the official assignee's office yesterday afternoon. Mr W. MacGregor appeared for the estate of R. M'Kenzie, and Mr Stilling represented Mr Henry Benjamin (the secured creditor). About 15 creditors were preseut. ...-"'"

The statement of bankrupt showed :—Liabilities : Secured creditor*, £200; unsecured creditors, £334 6s 7d. It wan estimated that,the securities were worth £350, which left a balance of £150. This balance was the only asset, leaving a dtficiency of £234 6s 7d. The principal unsecured creditors areMark Sinclair, £93; Castle Hill Caai Company, £35 ; Mrs Murcott, £27; National Bank, £18; Walton Park Coal Company, £8 10sGeorge Esther, £8; Hordern and White, £11 10s; James Fox,* £12 10a ;A. M'Kenzie. £16 8s lOd ; Scott Biothers. £12 10s ; John Fleming.. £20 19s; R. M'Kenzie's estate, £16; A King, £28 ,6s 6d; O'Donnell Brothera and M'Mulli.ii„£l3; Grey Valh-y Coal Company, £<"0; Fitzhardinge Jones, £6 ; Neil Gunn, £8 165.:. ..;■':■■

The, Assignee said that Mr Benjamin had advanced bankrupt £200 on a bill of sale over hia total assets in May last, anil as-the Bankruptcy Act provided that auy bili of sale i ffected within.four montha of bankruptcy was nail and void, excepting in so far as to tba actual imiuey advanced, he (the assignee) ruled that, all Mr ; Benjamin could claim was £200. being the actual value of cash advanced by him. ; He had offtred that amouht to Mr Benjamin, but it was refused. "Bankrupt had agreed to pay Mr Benjamin .» sum of £306 in three years for the u-e pf this £200. He (the assignee) conld not understand how any man could pay that ratii of interest and his creditors as well.

The Bankrupt said he' started business in 1885 with no capital, nothing except a horse and cart. He worked hard. He did well uutil the beginning of 1893, when he had a series of accidents and, heavy losses. In 1894 his overdraft was over £200. The £200 he received from Jlr Benjamin ''was paid away to different creditors! He psid his wife the sum of £37 10.1, which* money she used to pay tradesmen's bill*.: The:-£l4 2s paid Mrs Murcott was repayment of a loan. '

Mr: Sinclair was appointed to go through the books with'the assignee. On the motion of Mr Sinclair, seconded by Mr M'Ardle, the assignee was authorised to contest Mr Benjamin's claim. The assignee was also empowered, if 'he ob,tain«d possepsion of the assets, to call for tenders for the business.