MEETINGS OF CREDITORS

Otago Witness, Issue 3314, 19 September 1917, Page 7

MEETINGS OF CREDITORS

IN RE B. MONK. The first mooting of creditors in the estate of Benjamin Monk (hotclkccper, Kyeburn Diggings) was held at the office of the official assignee on the 12th inst. —Mr J. I. Fraser appeared for bankrupt, and Mr Moore represented tho D. 1.0. The bankrupt's statement showed that he owed £248 5s Id to unsecured creditors. His assets consisted of stock-in-trade £5, book debts £2, and furniture £4;—total, £ll. The deficiency was therefore £239 5s Id. The principal unsecured creditors were: Otago Farmers' Go-operative Association, £2B; A. and J. M'Farlane, £26 16s 7d; D.1.C., £3O; iStrachan and Co., £l7 3s j Green Island Goal Company, £5 12s 6d; James Mitchell (Ranfurly), £ls; George Bell (Ranfurly), £5 12s 6d; Henry Lunan (Kyeburn), £7 5s 3d; J. Brown and Son (Naseby), £5; Bristol Piano Company, £2l 6s; Mrs E. H. Monk (Kyeburn Diggings), £7O.

Tho bankrupt's written-statement set out that he commenced business as a hotelkeeper at Kyeburn Diggings in February, 1915, taking over a lease from his mother. Tho rent agreed upon was £1 a week. At that time he owed various creditors about £7O. When he took over the hotel the takings were satisfactory, but shortly afterwards, owing to all the young men in the district going to the war, the takings fell to only a few shillings a week. While conducting the business of an hotelkeeper ho had worked as a mustorer, miner, and during six months of the year, for the last two years, he had acted as a rabbit agent and a carter of rabbits. The hotel business had been run at a loss, and, owing to the expense of keeping three horses for carting rabbits, there had not been a great deal of profit in the latter business. He had not been able to see any prospect of bettering his financial position, and had been reluctantly compelled to file his petition. The bankrupt was examined orally at some length, and it was finally decided to authorise the assignee to realise the assets to the best advantage. The meeting was then adjourned sine die. IN RE W. W. WILSON. A meeting of creditors in tho estate of William Webber Wilson (contractor, South Dunedin) was held on tho 12th instant in tho office of tho deputy official assignee The bankrupt was represented by Mr Hay, while Mr J. Dawson, on behalf of Messrs Baker and Goodmen (Christchurch) represented the only creditor (Mrs Rachel Willis, Christchurch). In his statement, bankrupt said that his carting business in Atkinson street, South Dunedin, was in the m&jor degree tho property of C. E. Wilson, less a mortgage amounting to £425. The bankrupt stated that ho kept the books of the business only and received his board and lodging. Ho had not been in business, for years, and did not possess any property, nor had he any liabilities or assets. His Christchurch property was tho only remaining freehold interest which he ■ possessed, less a mortgage amounting to £350. Tho bankrupt Further stated that on account of a purchaser of this property having allowed himself to become somewhat in arrears as far as the interest was concerned, possession was taken of the property, which was subsequently sold (according: to information furnished to him) for £IOO. If the property was sacrificed the bankrupt claimed that this was not hi 3 fault.

In answer to bankrupt's counsel, who inquired how it was that a property valued at £6OO was sold for £IOO, Mr Dawson stated that petitioner was supposed to possess full security—a supposition which was not correct —but only realised on the sale some £BS odd.

The debtor was subjected to a close examination by Mr Dawson, after which tho assignee decided to adjourn the hearing till 3 o'clock to-day.