BANKRUPTCY.

Poverty Bay Herald, Volume XVI, Issue 5579, 26 September 1889, Page 3

BANKRUPTCY.

MEETING OF J. R. SCOTT'S CREDITORS. Theue were present at the Assignee's office this afternoon: — The bankrupt J. R. Scott ami his solicitor, Mr Skeefc, and Mr Finn, Assignee's solicitor, and the following creditors or representatives of creditors in the estate : Mr J. Allan, \V. Friar, J. Clark, P. Bourke, C. Dunlop, Lowi«, G. R. Moore, C. D. Bennett, T. Adams, J. Whinray, Hennessy, Page, Adair, S. Stevenson, Harding, Erskine, J. Score, J. Townley, and Dr. Pollen. The Assignee stated that bankrupt Hied on Sept l ( .)th, and he (the Assignee) had carried on the hotel to elite. He had given all the servants notice of dismissal, and it was for the creditors to decide what to do with the hotel. Mr Croft then read the statement of assets and liabilities already published. The Assignee then asked the usual questions, which were answered : I tiled at the request of my creditors. Held two private meetings of creditors prior to filing. The statement was correct to the best of his belief. Had no other assets except those mentioned in his schedule, with the exception of some fire insurances. Had a watch and chain, but no other jewellery. Started business in (lie Masonic in 1883. The capital put in by him was LIBOO. LBOO was paid for the goodwill, and LIOOO for part of the furniture and stock, the balance being paid in bills of about L6OO. Considered the deficiency had arisen by bad times and falling off in business. He had to pay a very heavy rent and expenses, with which it was impossible to cope. By creditors : Could not see his way to make an offer of 10s in the L. If he thought the business would make it, lie would do so. Began to lose money on the business two years or more ago. Had been like the rest hoping for better times. The Assignee read a statement of the takings for the last twojyears as follows : — Two bars : 1887, L4BOO ; 1888, L3SOO ; 1889, L 300 0; average per week : 1887, L 94 ; 1888, L 74 ; 1889, LSB. Billiard room : 1887, L 8 10s ; 18S8, L 5 10s ; 1889, L 2 10s. Dining room : 1887, L4B ; 1888, L-17 ; 1889, L 39. Abstract of all takings : 1887, L 778 6; 1888, L 0519 ; 1889, L 5200 ; average : Ll5O per week in 1887 ; Ll2O in 1888 ; LIOO in 1889. Cash paid in Bank in 1887 was LB7OO ; in 1888, L 7893 ; in 1889, L 6275. The debtor stated there was LOO owing for back rents of the billiard room. The > other night in the back bar he took 2s from 8 o'clock to 11.30. His expenses ' were quite LSO a week without paying for i butchers' meat, &c. * Debtor : I got a bill for LSOO out of the t business for the football speculation, and i all of that has been swallowed up. Mr i Bennett advanced me L3OO. I borrowed 1 all the money. I sent from Home the i money to Mr Bennett, but don't know ' whether he was paid or not by the Bank. I I sent out the money to meet two drafts , drawn by Mrs Scott. I thought they j were to meet Mr Bennett's bill, coming i as they did about the same time. Mrs f Scott had a power of attorney. Being asked what he intended to do f with the public house, the Assignee stated ■ that he intended to transfer it to someI body else. Mr Joyce would no doubt i take it. The takings had been L 6 pei J day. He would carry on the hotel for , the benefit of the creditors if he got a sum"- ---', cieut guarantee. It was certainly not ;i 1 paying concern as far as the creditors Avert concerned. With regard to the lease Mi i Joyce had entered, and the bank had n i claim on it. The lease had a short time J to run and was really valueless, r Mr Bennett proposed that the Assignee i be authorised to hand over the license tc Mr Joyce, the landlord, on his paying foi

it, and if he refuse to pay for it, that the Assignee withdraw from tho premises. The stock to be .sold in the best possible manner. — Mr Adams seconded — The motion was carried. Mr Bennett said the reason why no proposition was brought forward was because there were so few creditors proved, and the outside creditors had not had an opportunity of doing so. The meeting was adjourned till this day week.