MEETING OF CREDITORS

Southland Times, Issue 21820, 24 September 1932, Page 7

MEETING OF CREDITORS

FAILURE OF CARRIER. The meeting of creditors in the bankrupt estate of John William Welsh, of Intercargill and Ohai, carrier, called for yesterday afternoon, lapsed for want of a quorum.

The official assignee (Mr H. Morgan) presided and examined bankrupt whose statement of accounts disclosed liabilities owing to unsecured creditors amounting to £204 7/9, and assets estimated to produce £306 1/3, leaving an apparent surplus of £lOl 13/6.

The principal unsecured creditors ■were: Wairaki Coal Co. (Gore) £32 13/3; Akins and Robertson £3O 5/6; B. Colquhuon (Ohai) £4l; Wright, Stephenson and Co. £23 1/5; Southland and Otago Timber Co. (Invercargill), £l5 18/10; A. Russell and Co. (Invercargill) £l3 2/9; Star Coal Co. (Ohai) £8 4/-. In a statement of his affairs and dealings bankrupt said he was a carrier in the Ohai district. He took over a business in August, 1928, buying a run from W. Clark. He paid £750 for two trucks and the goodwill. He lost money on one of the trucks through it being destroyed by fire. The second truck was also burnt and he received full insurance on it Several creditors pressed him for money owing to them and one secured a judgment summons against him. He endeavoured to pay the Wairaki Coal Company, but their demands were greater than he was able to- meet and a warrant for his arrest was issued. He spent a night in the custody of the police and filed his petition the following day. He considered his business was paying and attributed his failure to his inability to collect

moneys owing to him. Most of them were owed by farmers who owing to the conditions could not pay him at the present time. The meeting was adjourned sine die.