IN BANKRUPTCY.

Otago Witness, Issue 3802, 25 January 1927, Page 74

IN BANKRUPTCY.

WAIMATE, January 18. The meeting of creditors in the bankrupt estate of G. S. Meredith and Co., grain merchants, lasted all day, and at 6 p.m. an adjournment was made till January 24. The debts disclosed totalled £13,277 3s 7d, and the assets £18,843 18s 9d, leaving a surplus of £5566 15s 2d. After some rigid cross-examination by the official assignee (Mr A. E. Reynolds), it transpired that the assets had been exaggerated and the credit balance soon disappeared. The total due to secured creditors was £9457 7s. Bankrupt had been in business in Waimate for over 20 years. The firm met its first setback in 1923, and later in 1925 further trouble was encountered when fire destroyed its store and contents. The illness of -Mr G. S. Meredith followed, and a lot of business was lost in consequence, and as things failed to improve the comp-- v was advised by its solicitor to file. On the motion of Messrs Lash and Boland the meeting was adjourned until 10.30 a.m. on Monday, January 24, for which bankrupts were- instructed to produce a profit and loss statement for the last 12 months. Mr Lash suggested that the opinion of the Crown solicitor be secured as to whether a prosecution should be made, and the assignee said he would attend to the matter.