MEETING OF CREDITORS.

Otago Daily Times, Issue 13586, 7 May 1906, Page 11

MEETING OF CREDITORS.

TnOHA3 J. TSkacv, Disino-hoom Phoprif.tor,

A meeting of creditors ill the estato of Ihomas J. Treaey, prs)rietor of (lie Carlton Dining Itooms and caterer, was held in the affioo of Iho Official Assignee on Saturday morning. The Official Assignee presided, and tho following creditors were present or repre sentcd.—Messrs T. Treaty, juti. (Wellington), S. Lean, J Aberjietiiy, A. Hastie, T. E. Shiel, I).f.C. (Mr Moore), i'ark, Koynolds, and Co.; Trustees, Executors, and Agency Company (Mr Solomon), A. Moritzson and Co., l J ryor and Co., A. and J. M'Farlane, and I'owley and Ksast.

The toial liabilities amounted to £9E2 39s 10(1; and tho assets, consisting of furniture, fittings, etc., to J6GC (is lOd; showing a deficiency of JE.IIG 13s ll)d. Tho only s<ic-ircd creditor was the D.1.C., who held a bailment over portion of tho furniture for a. debt of ftl-l Ids 3d. The total unsecured 'labilities, exclusiVo of wpges and rent, amounted to £717 108 lOd. font (£2O) was a preferential claim, as was also a rum of £58 out of £130 12s !)d duo for wage 3. Tho principal other unsecured creditors were:—J. T. Treacy, jun., d'los; Hastie and Co., £01; Mrs Tilbum, XCI 2s-; A. and J. M'Farlane, £13 lis 9d; Th'vusr.ii and Co. (loan account), £31 7s ad, and good;, £14 lis lt'il; Dunedin and Suburban Coal Co., £21 15s lOd, S. Lean, £23 lis lOd; I'ark, Eeynolds, and Co., £22 153, Crust and Oiurt, £17 18s 2d, W. Stewart, £13 14s Cd; 'J. L. Uenniston, £13 8s -id; V 7. Wood, £12 Jss 3d; If'Dougall ftud Co., £12 2s 2d; Brown, Ewiiig, and Co., £10 2s 7d, 'i'aieri and c'cmnv-iin, Milk Supply Co.. £10, and T. Patereon and Co., £10.

Bankrupt in his written statement said:— i.I commenced business in the Carlton Priialn Hotel at tho beginning of July last year iv;tiiout any capital. Tho purchase oi furniture, fittings, and goodwii! amounted to £362, towards which my son Tom contributed £100 in cash, and Messrs Thomson and Co. £50. Tho balance Was arranged by my taking over the D.J.C.'s account of £138, and giving three bills at three, six, and nine months for £77. I have reduced the D.l.C.'s account by £21, and tho promisory notes by £52. For many years prior to this I had undertaken catering contracts for Volunteer encampments, etc., and betweon whiles was employed at bar.ending, though very irregularly. Was over £200 in debt when I started at the restaurant business, and thought I saw a good chance of wiping off my old debts and making & decent living for myself. Unfortunately I have only become more deeply involved. I attribute) my position to slacluiess of business and a weekly expense sufficient for nn establishment doing 10 times the trade. Am lint in a position to make any offer to my creditors. Stand practically mined. All my household and catering p'r.nt was put iuto the Carlton—about £200 worth—and is now lost to me.

Mr Solomon (as representing the Trustees, Kxccutors, and Agency Company, owners of tlie premises), said til? wliol e of tlie building was leased to bankrupt, who. vrilh the consent of the company, had sub-let the downstairs portion. It would bo ft question for the asigueo to decide wlmt lie wished to do in regard to the premises. The company was quite willing to meet the creditors in every possible way so that the most money possible might be got out of the estate.

In reply to questions, bankrupt stated that for tho nine months lie had had the business bin takings had been £1418 Is 4d, inclusive of amounts lie had received for catering for encampments. During tho last week or so {lie takings had improved.

The Official Assignee said he was carrying oil the business at present, and it was paying.

After ino position had been fully considered it was resolved, on the motion of Mr J. Ab?rnelliy. seconded by A. Hnstie—" That the busincstf ho put into the hands of Messrs Park, Heynolds, and Co., with a view io getitiis a purchaser for it as a going concern; failing any satisfactory offer within 14 daya tho fii>nilure to be disposed of by public miction, the acceptance of a. tender to 1m leit to the discretion of tho Official Assignee." Tho meeting adjourned sine die.