MEETING OF CREDITORS.

Otago Daily Times, Issue 19276, 13 September 1924, Page 2

MEETING OF CREDITORS.

A meeting of creditors in the estate of William Brown (storeman) was held in the Official Assignee's office yesterday, four creditors being present or represented—viz., Messrs T. O’Shea (Thos. Long and Co.), A. B. Wright (D. M'Connell and Sons), R. Itubbidge (Herbert, Haynes, and Co.), and F. W. Tavendale (Tavendale Bros.). Mr E. W. Cave (Official Assignee) presided. Mr Geo. Lousley, who appeared for bankrupt, said the ease for bankrupt was a simple hard luck story. Bankrupt, in a written sworn statement, said tha tshortly after his marriage he lost his position owing to his employers reducing their staff, and for 15 months,he was out of work; except for very -casual employment. During this period ~he borrowed money and incurred debts In order to live, and ever since he had “been up against it.” Prior to his marriage he bought a house on a soldier’s loan, and put. all his money into it. He paid a boom price for the house, and by reason -of his unemployment he could not keep up his payments, and had to hand over the property to the Government. He had been paying off his back debts by dribs and drabs, but the pressure of his creditors became too severe, and he had been compelled to file. Another trouble was that fie had been unable to obtain a house f at a rental suitable to his circumstances, and although he had sublet part of the house which he at present occupied he had been most unfortunate in his tenants. His present wages only sufficed to keep his wife, family of two children, and himself. The amount owing to unsecured creditors , was £B6 ss, and to secured creditors £l6 11s, a total of £lO3 6s. His furniture wa» valued at £25, less a security of £l6 11s, leaving a deficiency of £94 17s. There were 21 unsecured creditors, the amounts ranging from 13s 6d to fi7, the latter amount being due to Herbert, Haynes, and Co.. . Bankrupt, in the course- of examination, said lie was earning £4 per week as a storeman, but this did not include payment for holidays; He was paying 31s 6d per week for the rent of 4he house he was occupying, and half of it was open to be let.--rT.6-Atf" O’Shea; He had let three rooms for .(i'peri6(l-of £1 per week. He had made no attempt to sell the house privately.— To Mr A. B. Wright: He had succeeded in reducing his indebtedness since he had obtained steady employment. He had had a very hard struggle for existence. Mr Wright said he had known the bankrupt for a number of years. It was a case of sheer hard luck. Mr O’Shea said that the bankrupt should make some offer. He moved that bankrupt’s discharge be opposed until he had paid his creditors 5s in the £. This was seconded by Mr Tavendale and carried.