MEETINGS OF CREDITORS.

Otago Daily Times, Issue 20906, 21 December 1929, Page 23

MEETINGS OF CREDITORS.

BOARDINGHOUSE KEEPERS* AFFAIRS.

A meeting of creditors in the estate of William Proudfoot and Georgina Proudfoot, of Balclutha, trading as boardinghouse keepers, was held in Dunedin yesterday before the official assignee (Mr J. Ml Adam). Mr F. C. Dawson appeared with the bankrupts. Five creditors were present, and Mr W. Ward appeared for the Co-operative Fruit Company. The statement of assets and liabilities showed unsecured creditors, £864 12s 3d: secured creditors, £774 10s (estimated value ot securities, £1200) ; assets, £455 10s; deficiency, £40!) 2s 3d. The secured creditors were:—C. Shiels, £621; Mrs Hogg and others, £163 10s. The assets consist of—books debts £3O. surplus from securities £425 10s; —total, £455 10s. The principal unsecured creditors are:—Bilson and Smart, butchers, Balclutha, £118; Bray 8r05.,, Dunedin, £74; Co-operative Fruit Company, £73; G. Simmons. Alexandra, £53; John Gold and Sons, ■ Balclutha, £52; T. Paterson, Dunedin, £52; W. Tamblyn, Roxburgh. £42: Quality Shop, Dunedin, £37; Neill and Co., £34 Us sd; Mercer and Mitchell, Dunedin, £33 5s 8d; S. R. Croft. £32 5s lid; Sinclair Bros:, Balclutha, £29; Gollop, £2O; A. and J. MtFarlane, £2O; Otago Electric Power Board, £25; Fraser and Co., '.Dunedin, £24 0s lOd; Laidlaw and Gray, £2l.

The’ following statement was handed to the official assignee by the bankrupts:— About two years and a-half ago Georgina, Proudfoot sold her farm at Waitati and purchased as a going concern a boarding house at Balclutha, known as the Railway Hotel. We were then, owing about £IBO in connection with debts incurred while on the farm, in addition to which William Proudfoot owed approximately £IOO for earlier debts. This property at Balclutha, which was freehold, was purchased in the name of Georgina Proudfoot, but between ourselves was recognised as our joint property, and we considered we were both liable for all accounts in connection with the house, whether incurred in the name of Georgina Proudfoot or of William Proudfoot, or of both -of us. The price paid for the boarding house was £950 for the land and buildings, and approximately £230 for the furniture, which was taken over at valuation. We paid cash for the furniture and paid £IOO deposit on the land and buildings. The balance of the money was provided by a first mortgage on the land for £6OO and a second mortgage for £250, which was later collaterally secured oyer the furniture. ’This second mortgage is now reduced to approximately £l5O. Since taking over the property we have spent a considerable amount on renovations, having at our own expense papered practically every room in the house. In the first 12 months at Balclutha business was fair, and we paid off, practically all the Waitati debts. From then on it declined, mainly, we consider, as a result of the introduction of daily service cars from all the outlying districts and the increase of motor cars amongst the farmers. In order to increase the takings, we opened a fruit shop on the premises. The fruit business was fair until July last, when my car met with an accident, and I lost it and the fruit I was then taking home. We have been compelled to file our petition in bankruptcy on account of the failing health of Georgina Proudfoot. Approximately £IOO of the debts shown in our statement are the old ones owing by William Proudfoot alone. We attribute our bankruptcy to the fall in business for the reasons above and_ to the draw on our takings through having to meet the old liabilities from the Waitati farm.

Several questions were put to the bankrupt, after which the meeting was adjourned January 17 to enable the official assignee to look further into the books and documents.

LORRY DRIVER’S AFFAIRS. A meeting of creditors in the estate of Frank Cahill, . lorry driver, Roxburgh; was held in the afternoon. The statement of the bankrupt showed that he owed £193 19s 3d, and that he had no assets. The principal unsecured creditors were Messrs Todd Brothers £7O. Leopold Faigan (Miller’s Flat) £49 13s 9d, Messrs Carter and Desmoulin £l2, Messrs Hunt and White .(Miller’s Flat) £ll 15s 9d, and Messrs Cossens and Black £lo' 6s 2d,

The bankrupt in bis written statement said he was 23 years of age. He was at present receiving £2 10s pgr week, anti his hoard. He had been receiving that for eight months this year, and prior to that he had been out of work for 12 month's. Previous to that he had run a car service from Tapanui to Dunedin, but this had been discontinued, as his car had been burnt. He received no insurance. If any had been paid Messrs Todd Brothers' received it, because the car had been bought from them, and had not been fully paid for at the time of the fire. After the car had been burnt he bought another from Messrs Todd Brothers, and on this he owed £7O, but the car was in the possession of the firm. He attributed his bankruptcy to losing money over the car service. He was willing to pay his creditors 30s per week out of. his wages. He had filed because four judgment summonses had been issued against him for hearing at the Roxburgh Magistrate's Court on December 19.

The bankrupt wrote from Roxburgh that he was unable to attend, as he had not to money required to make the trip, and as there was no quorum the meeting lapsed.