MEETING OF CREDITORS. Re H. T. Bain

Otago Witness, Issue 2467, 26 June 1901, Page 14

MEETING OF CREDITORS. Re H. T. Bain

I The fiist meeting of creclilois in the estate* of Homy Taj lor Bain, of Balclutha, blacksmith, v,as held in the official aisj°-nee's oflica on the ISlh. slr C. C. Graham, S.M., ofiicial assignee, presided, and there were half a dozen cicdilors present. Mr Emslie appearedi for the bankiupt ; Mr Sinclair for Tothill, AVatson, 3nd Co., and Mi Thoiiitcn fo>. iloriow, Bassett, and Co. Bankiupt' s statement showed h_s liabilities to he — Unsecured crcchiois, £4.31 37s 3d; secured creditors, £~5 2s Gd (less chrnrted value of securities, £76 2s Gd) ; assets, £80, comprising stock-in-trade f'2o, book debts (estimated to produce £40), and property at Hillend, valued! at £20; deficiency, £351 17s 3d. TL'e principalunsecured creditors are — Tothill, "Watson, anci Co.. £17 10s, Thomson, Bridger, and Co., £46; Ahlfeld Bios., £21 12s ; Monow, Bassett, and' Co., £27 Ss 2d ; Booth, Macdouald, and Co. (Christchurch), £13 6s 7d ; executors in tha estate of A. G. "Watson, £20 2s 6d , Nichol Bros. (Livercargill), £24; C. Diuminond (Balclutha), £30, Brinsley and Co., £0 10s; Clatha Leader (Balclutha), £lo; Williani Gardiner and Co. (Maiaura), £16. Bankrupt handed in a written statement to the effect that he started business in Balclutha in January, 1398 without capital. He got tool's and stock-in-trade from merchants with whom! he had besn dealing for 12 yeais previously in) Gore. "When he left Gore he owed £G0 and £70 as mteiest and capital tu.der a mortgage on fredhold property at Gore At the tiire he commenced business as a blacksmith he was a< k traveller on commission for Messrs W. Gardiner and Co., of Mataura. Afterwards he took over Robert Patercon's shop at Hillend, but neither business paid. They were carried on at a loss for three and a-half years. About Januaiy, 1839, he borrowed from Mary "Wood, of Balclutha, £170, secured on a mortgage of tha house at Gore and his chattels and book debts. Out of this he paid the principal, interest, and 1 costs on the mortgage of the Gore property, and the balance he distributed amongst his oldest creditors at that time. Bankrupt, examined on oath, said, in rep'y 1 , to Mr Sinclair, that he left Gore for Balclutha in January, 1898. "With the exception of mortgages he left Gore practically fiee from debt. He continued to act as agents for W. Gardiner and Co. up till about 12 months ago. He then cwed Gardiner and Co. £16. After that, when Tothill, Watson, and Co. took over Mr Gardiner's business, witness continued to act S3 agent. "Witness agreed to assign over his book debts to Tothill, "Watson, and Co. for £25, but he did not tell them-that he had previously assigned his book debts over to someone else. To Mr Thornton : Bankiupt received, consigned to him, a quantity of binder fittings front Morrow, Bassetfc, and Co , but that firm gofc paid for them After some desultory discussion, it was re-i solved that the estate bo left in the hands of tha assignee to wind up to the best advantage.