MEETING OF CREDITORS

Otago Daily Times, Issue 18464, 27 January 1922, Page 3

MEETING OF CREDITORS

HOTELKEEPER’S BANKRUPTCY,

A meeting of creditors was hold before the Official Assignee (Mr W. W. Samson) yesterday morning in the estate of George Henry Shea, hotelkeeper, of Roxburgh. Mr W. L. Moore appeared for the bankrupt, and the following creditors were represented R. Wilson and Co. (Mr Henderson), Milne, Bremncr, and Co. (Mr J. Milne), and Thomson, Bridger and Co. (Mr P. Dawson). The statement of assets and liabilities showed; Unsecured creditors, £615 Is Vd; total debts, £615 Is 7d; book debts, £193 11s 3d, estimated to produce £IOO 15s; cash in hand, £152 2s 6d; total assets, £252 17s 6d; deficiency, £362 4s Id. The principal unsecured creditors were; Milne, Bromnep (Ltd.), £lO2 4s; R. Wilson and Go., £BO 18s Id; Harliwich Bros. (Roxbrugh), £6O Is 9d; Crocket and Blackburn (Roxburgh). £56 10s 4d: W. T. Tansey, £53 18s 9d; S. Robb (Roxburgh). £44 4s Id: Waimato Motor Garage. £34 4s 9d; Scoullar and Co., £53; Strachan and Co.. £32 18s 2d; K. C. Robinson, £29 ss; Neill and Co.. £25 6s 7d. There were no secured creditors. Bankrupt, in his written statement, said he purchased the goodwill of the lease and the furniture of the Goldfields Hotel, Roxburgh, in January, 1921. Ho put in £4OO in cash. During the summer months trade was quite satisfactory, but in the winter it fell away very much, and there was practically nothing doing. He worked hard and ran his house on good lines, never giving the police any cause to complain. There were three hotels in Roxburgh, and that was at least one too many, particularly in the bad times experienced during the past 12 months. There was a much better hotel in the town, modern and up-to-date. This hotel got most of the commercial work, and most of the summer visitors stayed there, too. He had had no previous experience of public house life, having always been engaged m farming. He had been sober and attentive to his business, and his personal spendings had been small, cs he had rarely been away from the hotel. The reason he ascribed for his bankruptcy was, perhaps, to some extent his inexperience of business, but mainly because the trade was not there to make the place pay. He had handed over to the creditors all the money he had. and he had now to make a fresh start, without money, furniture, or anything else. He had a wife and on© child. Mr Henderson asked bankrupt if ho had any offer to moke. Bankrupt replied that everything he had was in the hands of his lawyers, and Mr Moore said he did not think bankrupt had anything to make an offer with. In reply to further questions hankrunt said that his books were made up as he went along. One of the books produced was a copy of an original he had not brought with him. The Assignee: It will have to bo produced. Bankrupt said all his monies were paid into the bank with the exception of email amounts paid to the butcher and baker. In reply to Mr Milne, bankrupt denied having at Timaru, and said ho had no recollection of ever saying that he had property there. Mr Milne’s suggestion was that his traveller had been misled bv bankrupt into advancing goods. Bankrupt said he sold out his farm near Timaru and put the whole of the money into the hotel. Mr Henderson moved that the Official Assignee look into the books and report to the creditors later. 'This was carried, with a further resolution that the affairs of bankrupt be left in the hands of the Official Assignee to administer to the best advantage.