MEETING OF CREDITORS.

Otago Daily Times, Issue 20316, 26 January 1928, Page 2

MEETING OF CREDITORS.

ROBERT S. FISHER. The first meeting of creditors in the estate of Robert Scott Fisher, of Watkouaiti, fish hawker, was held yesterday morning, Mr W. D. Wallace (official assignee) presiding. Bankrupt was represented by Mr J. N. Smith, and Mr W. J,. Moore appeared for A. and T. Burt and Co., and other creditors. Bankrupt’s statement showed that Jiis unsecured creditors were duo In receive £SOB 18s 4d, and that he was liable for £36 11s 8d to Davidson Gillies, and Co. on the hire purchase of a motor van, the liability being represented by 10 monthly promissory notes of £3 13s 2d each, from January T, 1928. The deficiency was £545 10s, there being no assets in any form shown. The principal creditors were; Paterson and Barr, £115; James Anderson, £165; Exhibition Demolition Company, £24; J. A. Thomson, £4B; Ford Motors £24 ; J. Wren and Co., £2l; John Edmonu, Ltd., £l7; Laidlaw and Gray, £l3; A. and T. Burt, £32; W. M'Leod, £l3, M’Callurn and Co., £l2; Hanhn and Son. £ll. By his written statement the debtor said that in 1926 he commenced building at Mosgiel and Green Island. He attributed his present position to doing so with insufficient capital, delays in operations, and heavy premiums, commission, and expenses. ' He had to sell both properties. He went to Port Chalmers to start as carrier. He naid £IOO deposit on motor truck. After three months, not making a success of it, the truck was seized. He was then out of work, for three months. His wife borrowed £SO on the furniture, which he naid as 1 deposit on a motor van, and commenced fish hawking. He had just started when a judgment summons was issued and an order made. At a meeting of creditors on December 19 ft was decided that he should pay £ls a month till he paid 10s in the £. During the holidays he could get no fish owing to the illness of the man who supplied him. Then a warrant of commitment was issued, and he was forced to file. He was a married man with a wife and four children. He did not drink or gamble or live extravagantly. Bankrupt stated, under examination that the furniture was owned by his wife who had a little money when he married ner. The furniture was insured in his wife s name. He had been married 14 years. He had not kept any books. He kept a wages book and a time book. He bought the lorry, and reckoned he would be able to pay £l4 or £ls a month. He expected to make over £3O a month. He had to pav £ls a month on the lorry and pay illOO down. The truck was seized. He did all right at hawking when he could get a decent supply of fish. Mr Johnston said he had been ill for six weeks, and bankrupt could get no fish from him, but he arranged to get fish for him. The supply was not very regular. Since then bankrupt had been getting fish regularly every day. He should have made about £2 10s a day for five days a week. His expenses running the lorry would be about £5 a week. That would leave him £7 a week clear.

The Assignee remarked that on these figures he failed to see how bankrupt could pay £ls a month to his creditors. With four children he was not going to live on much less than £5 a week. The point he (the assignee) took exception to was that bankrupt had not let his creditors know his position when he knew he was hopelessly in debt after selling the second house. In reply to Mr Moore, bankrupt said he did not tell his creditors what he was doing, nor say where he had gone. He did not know he was bankrupt when he went to Port Chalmers. Mr Moore said bankrupt had £IBO before he bought the motor van, and should have taken his creditors into his confidence. Bankrupt said he proposed going on with the hawking business if he could get a van. Mr Johnston said he would see that bankrupt got fish. Mr Anderson: But you have an account, Mr Johnston. Mr Johnston • That does tot matter. I will waive that account and supply him with fish. I have four boats fishing, and I can guarantee him a supply. Bankrupt said he thought he could carry on under the offer made by Mr Johnston and pay £1 a week. After further discussion it was resolved that bankrupt’s discharge be opposed until he pays 10s in the f, the Assignee remarking that it was rather a big hurdle, and that he thought 5s in the £ was sufficient.