BANKRUPTCY.

Poverty Bay Herald, Volume XLVII, Issue 15221, 20 May 1920, Page 6

BANKRUPTCY.

I The first meeting of creditors in the estate of Edward Williams, saddler, who was recently adjudged bankrupt, was held thiß afternoon at the office of the Deputy Official Assignee, Major A. .G. Beerc. There were present: Messrs A. T. Hookey, W. H. Chrisp, J. F. Jeune, and {Kyme. Bankrupt was represented by Mr Reginald B. Hill. Bankrupt, in the course of his examination, stated that prior to coming to Gisborne he was employed in the trade at Auckland. Ho caniQ to Gisborne about 25 years ago, and started in business with about £200, and to start off with was making a good living. His business, however, started to go back from 1915, when he moved to the Masonic buildings, and it had since dwindled away. Ho was being pressed by several of his creditors, including his landlord, and he was advised to file. Several creditors remarked that it was the removal to the side street which had been detrimental lo his business. To Mr Jeune: Right up to 'his bankruptcy he regarded himself as quite solvent — as his balance-sheet showed it. Mr Hill : But his assets were not liquid. The assignee submitted tenders for the purchase of the stock. Bankrupt, in reply to questions, said he had taken stock at the original invoice values, according to instructions. Mr Kyme said he considered the stock was worth 50 per cent, more than stated. The various tenders were considered . Mr Kyme urging that the tenders should be extended. j. i The nssignee. stated that be estimated there would be over £1000 to come in, : which would pay creditors 20b in the £1 I and leave the house and furniture to the I good. Thnt was based on the assumption i that no more claims would come in. I Mr Hookey said he had known Mr Williams for 25 years, nnd knew he. had the sympathy of the whole of the creditors. He. would like tn see if they could do sonicthiii? more for hini. After further discussion, on the recommendation of the bankrupt, it was def. deled to accept the tender of the Fanners' Union, Auckland, for lots 1, 2 and 3, at £738, £31 10s, nnd £30 respectively, and that of G. Henderson for lot 4 (Building , Society -shnros) £116 10s, being the highest tenders. ' The assignee said it wns not usual for hi in to op«r any remarks, but it seemed to • I>ini fhnt bankrupt, had done a wiso thing. j He had given every opportunity for creditors to do the best thing for themselves and himself. It was very different fo what some other bankrupts had done. He thought, there had only been one case in his experience where a bankrupt had been in a position to pay 20s in the £1, but that was by accident. Tho bankrupt came in for a windfall from Home and paid 20s in tho £1, but only to those creditors who had "proved." ' Mr Hookey said bankrupt was to be commended for nulling up before. he had pone further. They had all held him in high admiration as an honorable man, and this proved it. He suggested that a resolution nlight be passed to protect bankrupt's house and furniture. Tho assignee said that could be done at a later stage, when they would require to pass a special resolution.