MEETING OF CREDITORS

Otago Daily Times, Issue 21987, 23 June 1933, Page 3

MEETING OF CREDITORS

A HORSE-TRAINER’S ESTATE A meeting of creditors in the estate of George Geisler, horse-trainer, was held in the office of the Official Assignee (Mr J. M, Adam) yesterday. Mr C. J Payne appeared for the bankrupt, ancT the.e weVe eight cseditors present or represented. JBankrupt’s statement showed unsecured creditors totalling £IOB3 10b Id, and secured creditors, £l7lß 18s (estimated yalu-e of securities £2200); assets, stock-in-trade £lO, ’furniture £IOO, surplus from securities, £4Bl 2s. The property consists of sec'ion 2, block I, East Taieri, £2OOO, and a section in Ashburton, with house, valued at £2OO. The deficiency shown was £492 8s Id, The following written statement was put in by the debtor: —In July, 1914, I started a boarding house. Owing to the war, it did not turn out well and I made no money. In February, 1914, Mr Hugo Friedlander, of Ashburton, gave me a horse to train, and in January, 1916, he gave me two more. In November, 1916, I won the New Zealand Cup with Ardenvohr, and Mr Friedlander made me a present of £2OO. Shortly after that, Mr Friedlander bought several yearlings and other horses and pressed me to become his private trainer. X agreed to become bis private trainer, as I had made arrangements with him. I then purchased the property at- present owned by me and built a house and stable thereon. I paid £350 for the land, £9OO for the house, £540 for the stables, £l2O for feed boxes, etc., £IOO for men’s room, £2O for bathroom, £SO for garage, and £SO for-fencing the yards. In order to do this I had to arrange mortgages under which I had to pay considerable sums for interest. I still own the above property, subject to one mortgage to B. S. Irwin for £I4OO and a second mortgage to the Otago Finance Corporation for £lB7 19s. In June, 1019, Mr Friedlander sold out and shifted to Auckland. That was most unfortunate for me, as it left me with a Jug place heavily mortgaged. There was nothing for me to do then but to start again as a public trainer. I continued on until 1931, when Mr J. M. Samson offered me an appointment as private trainer for his horses. I accepted the position of private trainer to Mr Samson and carried on until last month. Last month Mr Samson notified me that he was disposing of most of his horses and would not require my services any longer. About three months ago I found I was having difficulty in meeting my indebtedness and called a meeting of my creditors. I offered my creditors to pay into the hands of Messrs Downie Stewart and Payne out of my wages the sura of £25 per month. Messrs Downie Stewart and Payne had to pay for interest and instalments on the second mortgage amounting to the sum of £l2 10s per quarter, being interest on the first mortgage. I kept up my payments as arranged until Mr Samson dispensed with my services. I was then left with a property with a big mortgage on it and my creditors unpaid. I was advised that I should file my schedule, and did so. When I was appointed private trainer to Mr Samson, he took over all my trainer’s plant and all horse feed, harness, etc., then owned by"me. Most of the furniture in the house belongs to my wife, who received £IOO under her brother’s will, and purchased most of the furniture with that sum. I can make no offer, as I have no assets other than a little furniture and the bouse and trainer’s quarters subject to the before-mentioned mortgages. Examined by the assignee, bankrupt said bis debts all arose out of his business. His accounts to grocer and other tradesmen were always paid. The house at Ashburton was let for 10s a week, but the tenant was unemployed and was probably not paying anything. He bad no prospects at present. One season might be good and the next might give little return to him. No pressure had been brought against him by any creditor. The assignee said the case seemed to be one of misfortune. Mr Pnyne said the debtor bad had bard luck. He was recognised as a good trainer. When Mr Friedlander discontinued racing the debtor lost a good position; be then carried on training and at a later date worked for Mr Samson. During this time he did all be could to pay bis creditors, keeping very little for himself. When be lost bis position under Mr Samson be bad a big property and no money coming in, and in the interests of bis creditors it was best bo should file. Mr J. M. Samson said be was satisfied the debtor was a hard worker and bad paid over as much as be could. The following motion was carried: — “That the bankrupt be given back bis furniture and that lie be recommended for immediate discharge.”