BANKRUPTCY

Poverty Bay Herald, Volume XLIV, Issue 14192, 9 January 1917, Page 6

BANKRUPTCY

» — Au adjourned meeting of creditors in the estate of Frederick Horatio Wilkinson, of Gisborne,! plumber, who waa recently adjudged bankrupt, was held this afternoon at the office of the deputy assignee, Major A. G. Beere. In addition to bankrupt and his solicitor (Mr E. H. Mann), there were present: Mr 'Burnard (representing Messrs A. and T. Hurt. Mr Firth, Auckland, arid Messrs Turnbull and Jones). Ml* H. Bright (representing Mr McAllister), and Mr Parnetll. . The assignee explained that the meet!ng was called in accordance with the \ct, but the date fell during thn holi-day-V and the meeting had been adjourned until to-day. . Bankrupt, in the course of h's. examination, stated that he was in partnership with the property (motor garage) m Grey street. He was to have* a half share; and Avas to do the plumbing work • t pn aDproximate value 'ot £350. The land was to cost £750 and the building •-JISOO. He put no money into the business. It would cogt approximately iSIOO f p complete^ the plumbing, sewerage being the main item. The assignee gave a' statement respect- ; ng the position of the various properiev. ; ; :■ ■ Continuing, bankrupt stated that he 'iad seve'ra] contracts on hand, and estimated that on O'M<\ira's contract there would be about £30 surplus, Puflett's -.ontract i857, Adams' contract £55. Captain Tucker's .contract nil, Walker's contract (estimated margin £13), Dr Kahlenberg's contract £20, Patutahi ;ote £10. He gave A. and T. Burt in September mortgages over all his equities in order to carry on. He did not then know his position. Me produced a letter from A. nad T. Burt intimating they would assist bankrupt is. fair as possible, as long as it did not n-ejudico their interests. ■ He subseluontly, purchased a hot-Avater service or Dr KahlenberT's- job, but made no condition to pay cash. A distress warrant was issued for £39, and .possession waa taken of hia premises. Two other sreditors had sued him, obtaining judgment., He atVibuted his bankruptcy to tha pressure 'of creditors, cost of naterialj labor, etc. 7 Bankrupt was examined respecting iurthei 1 details. To Mr Pariiell : No arrangement was^ made as to payment, respecting the hotwater • service obtained from the Gas ■<*»• y.' . ■-.'■. '-•' - ■ An offer was received for the gJasswaro and machinery and plant, but no ■oifer for the general stock. It was agreed to accept the offer for the machinery. It was agreed . to have the realisation of stock to the assignee to do so to the best advantage. A similar agreemont was arrived at respecting the properties.