MEETING OF CREDITORS.

Otago Daily Times, Issue 13838, 27 February 1907, Page 3

MEETING OF CREDITORS.

He \T. L. Page. Tho first public meeting ot creditors in tlia estate of William Ling Page, cf South Dimcdin, iraiUling conlTnctor, was held at tlia Official Assignee's offico yesterday afternoon, and was attended by about 20 creditors. Mr Robert?, in Iho absence of the- Official Assignee, presided, and bankrupt, was represcirlcd by Mr Siatliam. Mr Calvert appea-red for several of Uio creditors, Mr AV. L. Jlooro lor Messrs Gutlmo,,Bo\vrou, ami Co., and Mr K. C. ilopro (instructed by Mr'Gallawav) for Drs Hodges and Borrio.

Tho statement filed by bankrupt showed that he hud unsecured creditors whose claims umoirited to £iii 10s Id, other liabilities tota.Tng £30 7s, mid a secured creditor in William Burnett. Mr Burnett's debt was £111 13s 3d, and his security was a mortgago over two leasehold sections in South Duucdin now vested in bankrupt for a term of 21 years, tho estimated, value of -the security being £-2-10. Thcrb wsa therefore a surplus of £38 (is 9cl in connection with that debt. The assets consisted of ■ stock-in-trade, iG 15s; book debts, £70 3s Gd (estimated to- produce nothing); cash in hand, ss; cash in the hands of Mr D. 1). Mncdonald, £28; furniture, £50; bicycle, £1; and the balance of £)S Gs Otl on tho secured properties; total assets, £IS7 Gs fld. Tho total liabilili.es were therefore £574 3s 4(1, and the assets JCIB7 (is od, Ipnving a cMricney of JS%' 16s 7d. Tlic. principal misecured creditors wevo l'aterson and Barr £10S; A. and 1). MThcrson, £94; Hogg and Co., £54; Commercial Property Company, JMl): M. .Stevenson, £'27: Matthew Smith"£l9■ Kobert Slater, £15 10s SU; fi. J3,iuchop, £17; (iuthrie, Bowroii,. and Co.. £15; — Woods, £1G; E. ,1. Bryant, £15; and there was an item of £30, balance loan on an unregistered bill of sale. Tho following written statement was filed by bankrupt: — " In August, 1900, finding myself in financial difficulties. 1 placed my affairs iij the hands ol Mr 1). 1). Mocdoiul.l. solicitor, Dmieilin, supplied him with, full details of my posiiiuu. handed him my books, and bim to call a meeting of my creditors. Tlio meeting was I'.eld at .Mr Macdonald's office, and a full statement showing the losses I hail made on various contracts and accounting for my lwsition v.as submitted to the creditors. Mr Charles Palmer had agreed to lend me £30 on tlio security jf a second mortgage over tile leasehold property at Anderson's Bay road towards a, romjositiou to be offerwl my

Mwiiftrs. At the mettitg tbe creditors agreed to accept 7s Cd in tho pound, of which 53 was to bo paid within a fortnight, and the balance of Js 6d within 12 months, and tho matter v,ii3 left in Mr MscuonaJd's hands to complete. In due course lit Palmer paid the £50 to Mr Macdonald in trust for the" purpose of paying tho composition, and Mr Macdonald also received through Messrs Adams Eros, it, sum of about £45, being the Jnlanca duo to mo on a building contract, -liie amount reo.uired to pay the creditors 5s in the pound wp,s approximately £103, and Mr 'Mncdonald said he would finance the few pounds required to make up this amount, feomo weeks later Mr Macdonald said Mr M. Mevenson (a creditor for £27) would not mree to take tho composition, and that until lie 1M agree the money could not be distributed. Later on Mr Mnodonaia said that Mr Stevenfon had agreed, but in the meantime I had town from Mr Macdonald about £-25 of the iaO received through Messrs Adams Bros, to enao.o me to pay current expenses and , to p" y ,. on , .^l 6 building wort in hand at Puketirak,. I expected to get at least .-£SO fnrLwLi ! ' 3 1? No , veml >". but bream* involved in htiption throng tho financial L™ a T P ? yn ? c , nt ,or work llone . men's S' .and material eunplied on U» PukeUmki job. I received the sum of £19 is in all in various small sums from Mr Smith, iiiis was luecl („ wages and other expenses. On the conclusion of legal proceeding (at the beqinmiig of February), after being nonsnitcd in tbe first action brought. I recovered »■ flnal payment of about m. This amount included costs and wtnessss' expenses, arid WflsnpWed by Mr MucdcmaM from tho Agistrntes Court. About the beginning of Ucccmbor I took a contract fer taking down and rebuilding the Anglican Clmrch at Porinwnli T i th ° P ,1^059 ot carrying on this work I borrowed £-20 from Mr Bryant, and 1 received one progress payment of £13 on tiio contract, and an extra £15 for cartace "I tho church. This money wag used up in payms wages (about £30) and ether oxpenses, and I paid Mr Bryant £5 back on account of his loan. I lost wrosidnably on Ibis contract, largely owing to the fact that I had to was,* Fo zniicli time going backwards and forward, i<, Rane-ilin in connection with the i ligation over the Pi.lretir.iki job, and finally Had to abandon the contract alto*e(h«T About two months ago Mr Palmer gave Mr jdacdotiald notice that ho required the £m loan to be refunded to liira, and, F «ein» my position was hopeless, I several times su<" gestKl -to Mr Macdonald that I should filo. i)"l he told me to wait ami he would fix matters up for n». When I threw up tho PorteMlo contract I went to Mr Macdonald and demanded a statement; but a? it was not. forthcoming, I saw that in tbe interests of alt concerned there was no alternative for mo bill to file. Slt Mxci!ci;iild has my books and the etatcmtnt submitted to tho ineelinp hold last year." Mr Statham mentioned that bankrupt was unable to rive a ntoro detailed statement than he had owing to Mr Macdonald lmvin<? all lua books and f-latemcnts. He could not pro an account of his affiirs before Auinist without the?o books.

iilr D. D. Macdonald, wbo attended the meeting, said there was only tho oae book which he bad brought with him. He had never seen any hook but this one, but he would nisko further search. His clerk could not fincl anv more,

Mr Jiobarts remarked that the. hook produced did not show much. Mγ MacStmsild said nothing was submitted to tho meeting of creditors. Thero was no statement, but the position was fully explained. There was simply a list of creditors and some particulars of the Musselburgfi property. Notice of the meeting was ejul to everybody so far as he knew. Bankrupt wes then sworn, nv.d, replying to Mr W. L. Mocre, snid ho had not stated to Mt Bethune, of Guthrie, Bootoh, and Co., thai ho was solvent when he got credit from tho firm in July, 1900. Hs know lie was in difficulties, bnt did not know ho wa3 insolvent. He did r.ol lead Mr Bethune to believe he was iu difficulties.

Mr Mncdonald said Jie had never made any premise to finance any additional money r&« quired, 35 set out in bankrupt's written statement. Mr Page Lr.d said ha could get the lEoncy {rom Cbtiaichnrc:!:.

Bankrupt, replying to Mr Calvert, said lie drew money from Jlr Macdonald to carry on his work. He ]iad two jobs, and hail to supply material and pay wages to tlie men bo had under him. Mr Macdonald: He drew £46. Bankrupt, examined by Mr divert as to a. statement put in that he bad received £131 and had disbursed £76 since August, said tlio statement was .not a, complete one because bo hail not his books. He could not account ior everything until lie got Ilia books from iir Jfacdoiiald. There v:cre tliTco items in the statement laft Wank kvause he could net fill the amounts in. They would como to £12 or £15. He reckoned he s<'t £S6 irom Mr Mccdonnld, nml gave him back about i'G.

Mr Macdo'jald: You navor gave mo anything but .CO =t the bsgimmg. Bankrupt: T kept no record 01" tho amounts 1 goi from ?.fv lh«:ona!il.

'Mr lU?clo:ia':d: I have vouchsrs for everv thin'/.

Further qiiostionril, Bankrupt said he had .£2O to the good whou he dissolved partnership >vith Clark.

Mr Calvcrt: And you have gone all ibis to tho bad in 13 months.

One ol the creditors present complained thr.t he had r.cver received uolico of i.ho private meeting of creditors, and thr.t sis i>. ecu sequence bankrupt had got credit from him for about another £10.

I Mr Ms-cdonald, referring to bankrupt's written statement, said the meeting of eiedilors was held en July SJ, and it was sigreed to accept a composition. Ho had somo trouble in gelling a . ssille-meut, but it wa3 eventually arrived at. and it was arranged by bankrupt that ifr l J almcr should lend £50. Altogtilier Mr Pjge had got nearly all the money he (Jit Jl.icdonaid) had received back. There was smt; delay in getting the creditors to sign the deed of composition. By this time trouble, had arisen bet-ween Smith aud Page. ?.;id iho result was a lawsuit. All this time Pago was tolling him he coukl easily iiml the- money to pay liis creditors with. The result of tho lawsuit was tbni they got £03, nnd he Olr Jlecacnald) gav~ Page several small sums. Then Page talked about, filing, and he (tho speaker) told him ho coti'd net give him aay more moaey. nnd suggested a meciinj nf crcdit-oxs shorid b» held, and a statement was mr.do out. Ho (Mr Ma-cdor.ald) v,-?s goin-j to Oamaru, and Page »ot migry. and said he would have to go and get another solicitor, and never como back i\gaii:. 'Wnien the opca-ker returned to iowu Jie called a meeting of creditors, and Pan" and !fr Stalham were invited to oltcr.d, but did not do jo. T!ie opinion of tio creditors wag that Pago Iwd made up his raiud to file, As to bis (Mr Hacdonald) agreeing to finance tho balance that was pu.ro fiction. Tho money was to be hauded to him. He liar] «sid the proper course was to call a meeting of creditors and lay tho position beforo them, smd, as he had said, Paje had gono to anothoi' solicitor. As fnr as he was eonc«ri)«l ho simply vrciiictl to call the creditors toj»ei!ier and (jive them the history of affairs, hut Page would not wait till that.

Mr Culvert suggested that it was a, proper case. tor examination before the judge. "As soon as the assignee had made himself acquainted with the position ol nffairs lie ihoiijrbt the debtor should be examined btforo the judge as to his transactions.

Mr A, Paterson moved accordingly, Mr Stevenson seconded tho motion, which wag carried, smd the meeting adjourned sino die.