In Bankruptcy

Southland Times, Issue 13338, 15 October 1895, Page 3

In Bankruptcy

A meeting of creditors in the estate of James Begg, of Invercargill, tea merchant, 1 was held yesterday afternoon, the DeputyAssignee, Mr C. Rout, presiding. Mr Raymond appeared for the debtor, whose statement was as follows :—Liabilities : secured, L 27 5; unsecured, L 456 6s sd—total, L 731 6s sd. Assets, L 766 Is sd, leaving an apparent surplus of L 34 15s. The secured creditors were the Southland Building Society for L2OO, being first mortgage on a house and section at Strathearn, and F. Wright (Dunedin), L 75, being second mortgage on the same property. The unsecured creditors wore the Ceylon and Indian Tea Company, LllB 4s ; P. Brodie, LB4 15s Ud ; R. L. Begg (Mataura), L4B 7s 6d ; Briscoe and Co., L 43 9s Id; W< Dunlop, L 4 3; WilkieandCo. (Dunedin), L 34 18s 9d ; F. Wright (Dunedin), L 2 5; Neill and Co. (Dunedin), L2l 14s lid; Inglis and Co. (Sydney), L2O 2s Ud ; trustees of the estate of the late J. T. Thomson, L 8 2s 6J, and several small accounts under L 5. Tho assets consist of stock in trade, LB3 5s 5d ; stock in bond, L 64 O 3 Id ; stock at Wm. Todd’s, L 9 14s 8d ; book debts, L 202 13s ; shop fittings and plant, L 67 16a 3d ; cash in bank, L 43 15s 6d ; cash in hand, L 9 16s 3d ; household furniture, LlO. I The debtor, examined on oath, stated that he commenced business in Invercargill over three years ago with Ll 3. During that time, he had taken stock on several occasion?, the last being in January, when he found his assets exceeded his liabilities by about LOO. The gross amount of his book debts was L 248, but in the schedule he had deducted L 45 7s as bad. The immediate cause of his bankruptcy was owing to Wilkie and Co. suing him and he consequently filed in order to I protect the other creditors.—Mr Kingston (Briscoe and Co.) asked what relationship existed between Mr Brodie and bankrupt, but Mr Jones (representing Mr Brodie) objected to this question on the ground that Briscoe and Co. had no status at the meet- I ing, that firm not having proved.—The Chairman said that the objection was per- I fectly correct from a legal point of view, I but as it would be much better for the debtor to explain his whole transactions with Mr Brodie he (Mr Rout) would ask the question himself.—ln reply the debtor said that no partnership existed. Mr Brodie went security for him for an overdraft of I Ll5O at the Bank of Australasia, the only condition being that Mr Brodie was to be made acquainted from time to time with the I position of the business with a view to becoming a partner at a future date. He never obtained credit on the ground that Mr Brodie was a partner. He was prepared I to make an offer of 10s in the £ on certain conditions. Mr Jones (proxy for Mr Brodie) moved, and Mr Dunlop seconded, “ That the offer of 10s in the pound, payable in three months without interest, be accepted, I subject to approval by the creditors of the I endorser of the bill, and that the meeting adjourn until 21st inst.”—Carried.