MEETING OF CREDITORS.

Otago Witness, Issue 3864, 3 April 1928, Page 80

MEETING OF CREDITORS.

IN RE V. S. CAMPBELL. A meeting of creditors in the estate of Victor of Middlemarch, motor mechanic, was held on Tuesday afternoon. Mr W. D. Wallace, official assignee, presided, and there were six creditors present or represented. Mr J. N. Smith appeared with the bankrupt. Bankrupt’s statement showed : —Unsecured creditors, £557 12s 2d; secured creditors, £ll6 18s 8d (estimated value of securities, £2O) ; assets, £35. The principal unsecured creditors were: Alexander M’Kenzie Matheson (Middlemarch), farmer, £3Bl 10s; E. Turnbull (Middlemarch), hotelkeeper, £72 15s fid ; A. Horn and Sons, storekeepers, Dunedin, £l6 6s 2d; A. S. Paterson and Co., merchants, Dunedin, £l5 6s 6d; Reddell’s, Ltd., tailors, Dunedin, £l5 2s. The secured creditor was John Rowland Wilson, farmer, of Maungatua. The assets consist of stock-in-trade, estimat-ed at £2O, and book debts, estimated to produce £l5. The deficiency was about £668 ISs lOd. In a written statement, bankrupt said he commenced business at Middlemarch in August, 1924. He had no capital, and borrowed £5O for tools. As the- business was not paying well, he borrowed another £lOO. Another friend lent him £350. He paid back debts amounting to £l5O. Very little repair work wag offering, and he .scarcely made enough to pay expenses. In October, 1927, creditors were pressing, him, and he handed over the business to his present employer, Mr Stevens, and entered his service at £5 a week.’ He attributed his bankruptcy to the fact' that he was not able to obtain the repair work which..he thought was available in Middlemarch, and also that he started business on his own account without sufficient business experience. H e was a single man, 24 years .of age. It was explained by, Mr Smith that Wilson and Matheson had lent money to the bankrupt, and that the amount due tn the hotelkeeper was for board and lodging. The sum of £49 was due under a court order. In answer to a creditor, the Assignee said it was his view that, if application were made to him,'.the Crown solicitor., would give an opinion that the bankrupt’s' Books were insufficient.-’ ' ; The bankrupt made an offer of £1 a week until a dividend of 5s in the £ had been -paid, the amountlo be increased if. liability under the . court .order weTe reduced. ’ 1