MEETING OF CREDITORS.

Otago Witness, Issue 1994, 12 May 1892, Page 26

MEETING OF CREDITORS.

Re William M'Laren.

A meeting of creditors in the estate of William M'Laren, butcher, of Kaitangata, was held at the official assignee's office yesterday morning. Mr Sim appeared for the bankrupt, and Mr Thornton for Mr J. Wilson, of Balclutha, a creditor. There were only two creditors present. The bankrupt's statement showed his liabilities to be L2OO 7s, and his assets L 23 5: there being an apparent surplus in the estate of L 2 8135. The following are the unsecured creditors:— J. Wilson, Balclutha, L 100: New Zealand Loan and Mercantile Agency Company, L 7 10s ; Farmers' Agency Company, Ll2 ; Mutual Agency Company, L 35;3 5; Arthur Randall, L 4 15s ; Dr James Fitzgerald, L 4 10s; Michael Muir, L 7; Mathew Carson, L 4; Berry and Co., L3 lss ; Nelson, Moate, and Co., 17s : the proprietor of the Clutha Leader, L 3; New Zealand Trade Auxiliary, LI ; William Aitchison, L17 ;— total, L2OO 7s. The assets are as follows :— Stock-in-trade, consisting of horses, carts, harness, shop fittings, Ac, at Kaitangata, L6O ; book debts. L3OO (estimated toproduce L 150 ); furniture, L 25 ;— total, L 235. The Bankrupt stated that he had been in business six years last April. He started with a capital of Ll5O, and his wife lent him LIOO of her own money accruing before marriage. In December 1890 he settled on his wife a small property at Kaitangata, which cost him LSO. He built a shop on the property at a cost of LIOO, and borrowed LIOO on it from Mr J. Willocks before the settlement, The value of the property now was not much over the mortgage. He had at the time of the settlement considerably more, with stock and book debts, than enough to pay his debts ; and he had more than enough now if he could get his debts in. Many of the debtors were miners, and some of them had been out of work, and were now working part time. Some had also gone away. He thought with time the debts should realise L3OO, It was Mr Wilson and the Mutual Agency Company pressing him that caused him to file. Besides the LSO he paid for the property on which the house stood, he paid L 8 or Ll2 10s for section 9, block IV, facing Needles street ; L 36 for the three acres at Granton ; and L 24 for Riverside sections 2 and 1, block I. Two sections he sold for L 65, LSO of which went to Mr Wilson; Stuart got Lll, and the balance went into the bank. He had a wife and six children. The Assignee intimated that he would write to Mr Wilson about selling the assets and collecting the book debts. There being no quorum present the meeting stood adjourned until to-day.