CREDITORS’ MEETING

Otago Witness, Issue 3614, 19 June 1923, Page 7

CREDITORS’ MEETING

ESTATE OF LOUIS TURNER.’ A meeting of creditors in the estate of Louis Turner, motor driver, Waipori Falls, uas held in tile Law Courts on Tuesday morning. Air \\. W. Samson (official assignee) conducted the proceedings. Air Fairmnid appeared for Alessrs J. Lindsay and Co. In the course of his statement bankrupt said that he took’ over a store in Glen road, Alornington in or about March, 1919. On selling cut he cleared up all accounts except the one owing to Alessrs J. Lindsay and Co. He then bought a farm at Waitati, obtaining assistance from the Government under the Discharged Soldiers’ Settlement Act, and also from the Otago Patriotic Association. So far as he remembered all the debts except that of Alessrs Lindsay and Co. were contracted while he was on the farm. The Government had a first mortgage on the place, and the Patriotic Association a second mortgage of £290, but as he load not heard from either of them lie had not included them among his creditors. He attributed his present position to the following causes: —(1) That he bought his farm during the land boom, and now knew that he had paid too much for it: (2) the slump in dairy produce ; (3) the loss of his house by fire about April 2, 1920 (the insurance of £240 was taken over by the Government) : and (4) the death of five cows from an unknown cause. lie left his farm, he believed, late in 1920 and since then he had been employed as a motor driver by the Dunedin City Corporation at a salary of £4 3s per week. In addition to his other misfortunes he had lost £SO when his house was burned down. The unsecured debts amounted to £59 15s 7d, the principal creditors being as follows: —Nimrao and Blair, £ls 4s 7d; J. Lindsay and Co., £lO 13s 6d ; Alilne and Co.. £10; Barren Bros. (Waitati), £9; J. Watson and Co. (Port Chalmers), £B. The Official Assignee said that, in addition to the unsecured creditors disclosed in the schedule, proof of debt amounting to £173 10s had been filed by the bankrupt’s brother. Air Fairmaid asked for further information regarding the brother’s debt. The Bankrupt replied that it represented a partnership in the farm. The brother was really a sleeping partner, but he drew out at the last moment. Air Fairmaid (to bankrupt): Do you admit that this is owing to your brother? Bankrupt: No. He put the money in. as a partner.

The Official Assignee To the brother): You are a sleeping pariner in the farm?— 'Yes, that is so. In reply to further questions the bankrupt said lib had paid £2200 {or the farm as a going concern. When he left the place it was taken over by the Government, together with part of the slot k. Air John \Yaf son asked why the bankrupt had decided to tile at all. His debts were of a very trifling nature for him to endeavour to whitewash himself. Tiie Bankrupt said he had tried to pay, but without avail. His present job was the first permanent situation he had had since lie left the Ltrrn. Air Watson: Don’t you think you can wipe off £69 in a reasonable t ; mo? —Under the circumstances I do not think I have an earthly chance. Air Watson said the case should never have come before the official assignee at ail. The bankrupt was in a fair position, his wife was keeping herself, and it seemed to the speaker that he ecuid wipe off the amount if he wanted to. It was a very small sum. and the creditors felt tba f the bankrupt was not very sincere in his desire to pay. The Bankrupt: T do not see how T can. make an offer. What would happen if I got out of my present situation? After a consultation with the bankrupt. Air Samson said he was prepared to offer 5s a week as long as he was in employment. The creditors were not disposed <o accept this offer, and on the motion of Air’Matron. seconded by Air Alilne. it was decided that the creditors would aecept an offer of 7s 6d a week. The Official Assignee then closed the meeting, remarking that it was a not a very hopeful one.