MEETING OF CREDITORS. Re R. Scobib.

Otago Witness, Issue 1918, 24 August 1888, Page 10

MEETING OF CREDITORS. Re R. Scobib.

A meeting of creditors in the estate of Robert Scobie, storekeeper, of Clinton, was held at the official' assignee's office on the 16th insfc., Mr Thornton appeared on behalf of the bankrupt, and there were six creditors present.

The bankrupt's statement showed his liabilities to unsecured creditors to amount to £574 5s 4d ; liabilities to secured creditors to £1846 (less estimated value of securities, £1799).

The assets are a 9 follow : — Stock-in-trade at Clinton, £sol l4s 3d; book debts, £1058 14s Id (estimated to produce £100) ; furniture, £75 ; — total, £676 14s 3d.

Tho principal unsecured creditors .are as follow :— W. Gregg anfl Co., £148 19s 8d ; National Bank, £67 15s 3d ; W. Gutbrie and Co. (Invfircargill), £59 2s 7d ; T. Low and Co , £55 7s 7d ; Fitchett; and Thorntpn, £51 ; W. G. Neill, £48 7s 2d ; Nelson, Moate, and, Co , £39 7s 2d ; O. Redpath (Clinton), £36 14s 7d ; J. and W. Sheddan (Waiwera), £21 10s ; Olutha Leader, £9 7s ; Kempthorne, Prosser, and Co., £7 12s sd ; Dr Smith (Balclutha), £7-7s.

The following are the secured creditors : — The Otago and Southland Investment Company, £627 15s (secured by mortgage over section 8, block X. town of Clinton, with dwelling house thereon, and over section 9, block X, Clinton, with store and stable thereon — estimated value of security,- £1150); National Bank, £400 (guarauted by Butterworth Bros.) ; Butterworth Bros., £718 15s (security, covering guaranteed overdraft to the bank and general indebtedness, consisting of mortgage over 14 sections ' in the town of Clinton, and a secoud mortgage over section 2, block IX, Balclutha — estimated value of security, £424); Clutha Building Society, £100 (secured by mortgage over section 2, block IX, Balclutha — estimated valiio of security, £225).

The Assignee said the statement showed a surplus of £55 ; but it was one thing to see it on paper, and another thing to realise it. As far as could 'be seen at present the mortgages were good.

The Bankrupt, on being examined, stated that he made a composition of 5s in the pound in' July 1887, with all his creditors except those in Low's estate, and, arranged with 1 Butterworth Bros, to pay off their old account by degrees as soon as he could. He incurred fresh debts with them, but had reduced his account by over £200. They sued him on four promissory notes, which he had agreed to -cancel, but judgment was given against -him in the Supreme Court, after which he filed. The amount of the judgment was £548 6s 2d, including everything.

In answer to questions put by Mr Statham (representing Bufcterworth Bros) the bankrupt said in 1883 he made a composition of 63 8d in the pound on Biug, Harris' account, and paid his other creditors in full. There' was no other composition but the one in July 1887, but he made an assignment in 1879. He had no store

• 1 .. . ,1, •» ■. . —•-»>. „%* or stock at Waipahi, but had about three months ago. There were, arrears of rent .amounting to £76 duo to the landlady, Mrs Scobie {his wife), who cancelled the lease owing to Mr Butter* worth breaking faith with bankrupt. She seized part of the stock, and ths remainder was taken to bis store at Clinton and consolidated with the other stock, ' That store became his wife's property through an assignment by a man named Cawthorn, Mrs Scobie tendering for the stock, and also a store and land. None of- his separate estate weut to buy these properties, his wife "■ borrowing £110. and getting £93 on an insurance policy on bankrupt.? life. He took a lease from his wife of the Waipahi property. He could produce a stock account, and also all his books. When.Butterworth^Bros. served him with a writ he. considered himself solvent if he succeeded in his case, and he knew well that if he lost it would mean bankruptcy. He defended the action to proteot Mb * other creditors. He had paid uoue of Iris debts since tho judgment. The book debts extended over a period of six or seven years. He reduced 1 bis available debts as much as possible by taking promissory notes. The properties were not now saleable at a fourth of their cost value. - The Clinton, store cost £2100, and there was only £627 on it now.

After some discussion between the bankrupt and&Mr Statham with refereuce to the estate, the assignee was authorised to pay Mr Conradi 10 guineas preferentially in satisfaction of hia claim. -It was also decided to allow the bankrupt £4 a week for two weeks; -and the meeting adjourned for a week in order to give the bankrupt an opportunity of collecting some of the book debts, also to give the assignee time to look at the bankrupt's books.

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