MEETING OF CREDITORS

Otago Witness, Issue 3618, 17 July 1923, Page 58

MEETING OF CREDITORS

A meeting of creditors in the estate of Emily Prudence Callander, of Brighton, a married woman, was held at the Official Assignee’s office on Thursday, Mr W. W. Samson (Official Assignee) presiding. Mr Aslin appeared for bankrupt, and about a dozen creditors were present or represented, Mr W. L. Moore appearing for the petitioning creditors (Messrs P. Haym-an and Co.), and Mr A. C. Stephens for another creditor. The statement of assets and liabilities showed that the total debts were £1137 11s 2ct and the assets £323 19s 3d. The book debts were given as £194 14s, and were estimated to produce £3O. The principal unsecured creditors were: —■ Thomsons, Ltd., £26 Is 9d; P. Hayinan and Co., Ltd., £56 8s 8d; Taieri and Peninsula Company, £23 Os Gd; W. Scoular and Co., £B2 7s lOd; R. F. Brown (taxi-driver), £52 17s 6d; Dunedin and Suburban Coal Company, £47 17s; Partridge and Co., £2l 13s 3d; It. Macadam, £25 4s sd; W. Taylor and Sons, I.trl, £100; R. Hudson and Co., £2l 15s 9d; Wolfenden and, Itussell, £33 9s 6d; A. Steven and Co., £4B 18s lid; W. Nees and Sons, Ltd., £25 16s 3d; H. Henderson and J. Gray, £SB 11s 5d (rent). The total was £9OO 3s Bd. The secured creditors were "W. -Jail (£220 7s 6d) and P. Cummings (£l7). The estimated Value of the securities was £250.

Bankrupt, in a written statement, said she left Nightcaps in 1920 and then held a first mortgage over the property there for £I2OO. She purchased a house from Mr Wilson in the Kaikora-i for which she paid £GOO. She held this for six months and then disposed of it for £630. She then purchased a shop at St. Kilda for £I2OO and stock about £4OO, which she held for 15 months, selling out for £1650. She then purchased a property at North-East Valley for £I2OO, selling out after three months for £9OO. She then purchased a property at Broad Bay for £1750, which she held for 15 months, selling out for £1650. She then bought some furniture for £360, of which £l5O was paid in cash for the purpose of carrying on the business of a boarding house keeper. She thought that she was making a little out of the different deals, but realised now that as many of these were exchanges she had. to pay commission, stamp duty, and legal expenses, and had really lost on the properties purchased. About threo years ago she wished to set her son with a motor car, and made some arrangements with Mr Matthews. She thought that these had fallen through. Later on, however, she was sued and was compelled to pay over £IOO. In order to raise the deposit for the different properties she had to borrow from time to time on the security of her Nightcaps property, and gradually ihis dwindled away until nothing was left. She left her affairs in the hands of Mr Aspinall, and always understood from him that she had sufficient money to pay her creditors 5s in the pound. A statement rendered by Mr Aspinall showed that she had only £3l 6s 9d in hand. The only assets she had were the book debts from the Nightcaps business, and the Broad Bay business. Her husband was an invalid and was unable to work, and slie had to do what she could to support him. She regretted exceedingly the position in which she was placed. She would do her best to pay her creditors 293 in the pound. Owing to floods and continued bad weather during the past few months she had done practically no business at all. In answer to questions bankrupt said she was all along of the opinion that she could pay 5s in the pound.

Mr W. L. Moore said there was no suggestion of fraudulence on the part of bankrupt. She had, however, been living in a fool’s paradise. The Assignee said the position looked pretty hopeless. Mr Aslin said the Brighton business was not too good at present. During Christmas £390 was t'aken, but during the past month or two the floods have interrupted communication and no business was doing in Brighton, at the present time. Mr Stephens said it looked as if bankrupt had been going back at the rate of £l2 per week. A creditor asked if bankrupt had not been trying to finance herself into the Kyeburn Pass Hotel. The bankrupt said that an agent took her up. She thought £ISOO was the price of that business. Mr Aslin said there was no hope of doing anything with the Brighton business at present. It was finally resolved, on the motion of Mr Dawson (Thomson, Bridger, and Co.), that bankrupt’s affairs be left in the hands of the Official Assignee to administer to the best advantage.