STABLE-KEEPER’S BANKRUPTCY

Stratford Evening Post, Volume XXIX, Issue 124, 18 July 1911, Page 6

STABLE-KEEPER’S BANKRUPTCY

DLL W HjINEJsS. BADL i KEFI LOGICS. Ameeting of creditoi s in the estate ol Esther Maria Cox was iieJkl ai tue onice of tue Dopaty-Olueial Assignee tins morning, 'mere were present:-—-Messrs. W. Wilson, j.- Uoristenson, Nielsen, W. I l '. Adams, fcJcuous (A .'A. ■L. and ivI.A. Co.), and i. Wilson (JVilson and Drake). Mr. Stanford appeared ioi bankrupt. i no statement of assets and liabilities showel that unsecured creditors wore owed £G34 2s 4d. (Secured creditors wore owed £922 Its Id, but against this there were securities Valued at £lG9j., leaving a credit balance oi Ci Go us Gd. Tue assets were set down at £B3G 10s 8d (including the balance from securities), thus leaving a imal surplus of C2ud 8s -kl.

ine iStratlord unsecured creditors were ; —\V. I*. Adams £5 Bs, “ilvenlug host'’ £8 2s, 11. (lollop lilt lis 31, 'l. D. Colson a. 14 5s I'd, li. Handley £4 3s 6d, Dwyer and Lennon os, Borough Council £22 Ids (rates), Thompson and Copestakp Gs, W ilson and Drake £l9 Ids, loiing, Hobbs and Co. ;CG lbs- Id, l l ’. A. Cramer £3 2s 2d, it. \V. IjO uis 18s, Co-op. Stores 7s lid, W. Ward and Co. Cl 3s 7d, P. C. Price is, AlcAliilan and itrcdric Is, ivemp und Sawle £9 Gs 3d, |Smart Dios. £2 10s ..2d, Clayton Jjr,ps,,.£3 os 2d, F. Cldhc/j £7(i, 3. v. £.3, 14. Darkness Us, H. \V. B. Cox £37, S. ( rows., £2 1 Vs,; G. iiiiugdii £ls 15s, Malone, Anderson auu, ; dolmston £i ids. IT. Widson £lO is 9d. Tim secured creditors wore:—N.Z. L. and AHA. .Co,, Stratford, £lO7 14s id, vaiuo of security £SO; A. 11. Ciiisnall, Christchurch, £525, value of security £1.320; Newton King, New Plymouth, £290, value of security £325. 'tub real estate wasbset down as being yalued at £IOOO,, the asset being lease of part of section 289, Town of Stratford, from E. Griliiths, New Plynioutli. i ini Assignee said that the creditor holding the first mortgage over the stables had realised Ids asset, and the proceeds of tlie sale only paid the debt. (There would not be, he thought, much of a balance from the sale of the motor-car. The only assets which could be realised seemed to be a waggonette and a chipping machine, valued at £22, and book debts estimated to produce £4O. It seemed as, if only £SO could lie realised to pay debts totalling about £7OO. in answer to Air. Stanford, the Assignee said Airs. Cox went into the stables on a basis of value of £2OOO. The business had since been sold by a secured creditor arid had realised £570. Mr. W. V, Wilson: Has there been £ISOO depreciation in value in a year? Mr. Stanford: No. Those nominal values arc put on for the purposes of exchange. The lolJowing written statement was made by bankrupt:—About October IVtil, 1910, 1 was solvent. Aly total liabilities amounted to about £2OO. As against this J had an equity in a iarm at Ormita valued at £ISOO. i took over the Crown Stables, Stratford, from Air Philip Jackson, exchanging my interest in the farm for bis interest in tile stables. The exchange 'was for £ISOO. There was nothing paid for equality. The stock and plant in tlm roubles wore subject to a mortgage for £SOO when taken over by me. Axy husband managed the business for me. Nothing was paid to him as wages. For the first five months the business paid fairly,well, and was gradually increasing. The average takings during that time would be about £2O per week. Out of this amount, wages, interest, rent, horse feed, anl general upkeep had to be paid for. I was also gradually reducing my liabilities. This would leave about £3 clear each week ior housekeeping, etc. On .March 23rd, 1911, my busbautf contracted typhoid fever and was compelled to_,go to a hospital. From that date the business lias gone from bad to worse through improper management. My husband lias been ill for about throe months, and is still very weak and unable to work. ! attribute my insolvency as being directly due to my husband's illness. The business was inlying prior to his illness, but since then everything lias gone wrong. Aiy husband had the solo management of the business and thoroughly understood if,. When he became ill I ari (I for the business to be carried on by one of the employees. . It was not a success, 'lire business was neglected and mailers have gradually be-

come u iii'ss, The creditors have heen pressing me, an! ! was compelled to (lie.

The Assignee said the cause ol the bankruptcy seemed fairly plain—the illness of Mr. Cox. The case seemed hopeless for the creditors. The waggonette and clipping; machine might he held by the new owner of the .‘■.tallies, and he might have difficulty in getting them.

Mr. W. V. "Wilson said that since Mr. Cox’s illness the business had not been properly run. He thought steps should i)o taken to bring to account the people who had had charge of the business in the meantime. The Assignee said the hooks had boon kept in a very haphazard manner, and the only satisfaction the creditors could got'might be by criminal Court proceedings, and even then proof would he difficult. It was an offence under the Bankruptcy Act to keep improper books; but would the

creditors guarantee the funds ueccsSiir.v to take proceedings ? On the motion of Mr. W. V. Wilson, seconded l>y Mr. Stuhhs, it was decided that the meeting be adjourned for a week to enable Cross, Bianclii, and Herbert Cox to be present.