MEETING- OF CREDITORS.

Otago Daily Times, Issue 11684, 17 March 1900, Page 3

MEETING- OF CREDITORS.

EeP. Rekve

A meeting of creditors in the estate of Frederick' Reeve, butcher, of Dunedin, was held in the official assignee's 'office yesterday afternoon. Mr Moore appeared for the bankrupt, and there were eight creditors present: The bankrupt's statement showed his unsecured creditors to be £25f 19s 6d, and his T^f 27!' there beins an apparent surplus oi izO Os 6d.

The following are the principal unsecured creditors:—Dalgcty and Co., £10 15s Gd; Donald Reid and Co., £34 19s 3d; New Zealand Loan and Mercantile Agency Company, £11 13s 7d; farmers Co-operative Association, £59 9s 3d-bt-ronach, Bros., and Morris, £11 3s Gd; Samson and Son, £20 0s 3d; Wright, Stephenson, and £?"' 4 2?tJ 93; O'Donnell. and M'Mullin, £11 13s 6d; H. Berry and Co., £36 2s 4d. The assets consist of stock-in-trade, £153, book debts, £122 Is lid (estimated to produce £100); casn m hand, £4; furniture, £20. Bankrupt put in a written statement to the effect that he started business four years a-o He got on very well until about 12 months a ?c when his>alth broke down. He had lost all the money he had had during the last eight or n.ne months. His credit balance a yea" ago was about £500. Owing to being incapacitated he b a d been unable to attend personally^ his business this last eight or nine months or if at all, in a very limited degree. . He lately c ?f P- l° fi, nd, hls. J b«?»'ess ruined. He found himself involved with his creditors, and he immediately called a meeting through his solicitor, and explained fully the position of his affairs! lhey wished him to make an offer of 15s in the pound failing which he was either to assign the estate to the assignee or to file his schedule, lie did his beat to obtain the amount required by the creditors, but was never able to do so and he therefore filed. Any accounts which were owing were not of longstanding. He always paid cash for everything he obtained. He could not account for the way in wbi-h his money had disappeared, except that he had not been able to attend to his business personally J-here was loss on stock, and no doubt purchases were not made to the best advantage I he Assignee stated that on the advice of the b»r.kruut himself, and after consulting with the Farmers Co-operative Association, the principal creditor, he had called a sale by auction to realise the stock, and the result of the sale was that the net proceeds amounted to £114 2s 3d. He believed that was a very good result indeed. He had had a careful list of the book debts prepared, and they were put down at £107. He had advertised for tenders for the book debts, and it would be for the creditors to say whether he should accept any one of them. The highest tender was for 12s 6d m the pound. He certainly thought that was as much as was likely to be realised. The cash takvngs came to £4, and a few sundries to ±189 4s 9d, and the total expenses to £39 0s 3d ■ which left £150 available for distribution That would give a dividend of 12s in the pound. Bankrupt, on being examined on oath said that when he started business he Had £2iO. H» paid £40 for the fittings of the shop In which h« started A year ago he had a credit of £500 to the good. He kept -the books to the best ef his ability. He had been laid up for the last nine or 10 months, and was in the hospital for a few days He attributed his present position to the high price of stock and to the loss on meat by cattle being condemned at the abattojrs. He kept no account of his loss on that score, but it would be about £GO. He took up a, second shop, and he estimated that his loss on the two shops would be about £2 a week An extra man to take his place while he was i!l cost about £25. He could not account for his losses, or say where the money had gone. He had been unable himself to look after his affairs but he was anxious for a full investigation of his affairs.

Mr C. Samson moved—" That the creditors express their sympathy with the bankrupt in his present position, and agree to a settlement ot vis atrairs m accordance with the statement laid before them by the official assignee and agree to recommend him for his immediate discharge, subject to a careful investigation of his affairs by the official assignee." Mr Stronach seconded the motion, which was carried.

It was also resolved that the costs incurred by the Co-operative Farmers' Association in -nvin" effect to the wishes of the creditors be° paid oiit of the estate, and that Messrs Wright Stephenson, and Co s. claim for cattle supplied subsequently to the meeting of creditors be treated as a preferential claim. The Assignee said he thought he would be able to declare a dividend in a, few days It would not take long to wind up the estate!'