BANKRUPTCY COURT.

Taranaki Herald, Volume XXXIX, Issue 8768, 2 May 1890, Page 2

BANKRUPTCY COURT.

Thursday, May I.— Before R. G. Bauchope, Esq., JXO.A. S. O. SPURDLE, WHEELWRIGHT, OF INGLEWOOD. The first general meeting of creditors in the estate of S. O. Spurdle, wheelwright, of Inglewood, was held in the Courthouse, on Thursday afternoon at 2 o'clock, i Present : Messrs E. H. Tribe (New Plymouth Sash and Door Co.), F. Okey, T. Bayly, Bishell, McKoy, Whitehead, J. Elliot, McKenzie, R. Collins, and B. C. Lawrence. The bankrupt and his solicitor, Mr R. C. Hughes, were also present. The assignee read out the statement of assets and liabilities, as already published in these columns. The book debts, he stated, would not realise anything like what they were put down at, on account of so many contra claims being put in. There was about £35 that appeared collectable from the book debts. He further added that he had personally looked over tho other assets in the estate at Inglewood and Waitara. He also inspected the properties mortgaged by the bankrupt, and from which it was estimated a surplus would arise, but he himself was not at all sanguine on this point. He waited the instructions of the meeting in rospect of the course he was to take about the properties, and about the disposal of the furniture. The Assignee then read the private depositions of the bankrupt, as published on Thursday. In answer to Mr Bayly, the Assignee read out the securities held by those who were secured.

The Assignee said he did not anticipate any surplus over the mortgages from these properties, but as most of the creditors present belonged to Waitara, where the properties were situated, ho would like to hear their views on the question. Mr Collins said that in the present state of the property market ho did not think that tho propertioa, if sold, would lealise the amount of mortgages. He was pretty certain they would not. Mr T. Bayly thought that very little could bo got over the mortgage money. He said that the only way to get at the value of the places was to offer them by auction. He then moved, "That the Assignoe be instructed to offer tho Waitara properties for sale." Seconded by Mr W. McCoy, and carried. Mr Whitehead asked how it was that tho bankrupt only valued his furniture at £20, and the Assignee then made it £42 or £43.

The Assignee said ho could not answer that, but his valuation was made in company with the bankrupt. The bankrupt stated that when ho gavo the valuation of £20 to the Assignee he had not gono carefully into what he had in furniture, but ho rectified the error when he accompanied the Assignee over the house.

The Assignee said that it was clearly proved to him that a piano was solely Mrs Spurdie's property, and a sewing machine on the premises was proved to be Mrs Spurdie's sister's property. In answer to another question, the Assignee said the stock at the shop at Waitara comprised a new dray £20, old dray £5, lathe £2, and some other things £7 10s. In answer to Mr Collins, tho bankrupt explained how he had made the new trap for McKenzio, baker, of Waitara, but McKenzie would not take the trap when it was finished, as he (McKenzie) considered it was not finished completely and according to time.

Mr Collins queried ttie bankrupt on how McKenzie was to pay for this trap. The bankrupt said that McKenzio was to work out an account, and give an old trap in addition.

The creditors then agreed to lot Mr R. McKenzie, who had not proved, give his version of the matter, and Mr McKenzie spoke.

Mr Whitehead asked the Assignee if the bankrupt had given him receipts for the money paid away by him (bankrupt). Th« Assignee said he had got receipts from tho bankrupt, but ho had not had the time to look through them. - Mr Whitehead' said it appeared to him that bankrupt was very much behind in his payments/considering the time he had been in business.

In answer to Mr Whitehead, the bankrupt said the horse he had was Mrs Spurdie's. About six years ago, and three years before his marriage, he gave a horse to his wife, who exchanged him for a horse from Mr Clarke about two years ago. Mr Bishell moved, " That the furniture and tools at Inglewood be handed over to the bankrupt." Seconded by Mr Collins. — Mr Whitehead moved as an amendment, "That the bankrupt be allowed £25 worth of furniture and tools." Seconded by Mr T. Bayly. The amendment was rejected. —Mr Lawrence moved as a further amendment, "That furniture to the value of £30, and the tools at Inglewood, be given to tho bankrupt." Socondol, and, on division, carried. This was then put as the substantive motion, and carried. Mr Collins moved, " That the Assignee be requested to facilitate the bankrujfs discharge." This lapsed for want of a seconder, The meeting then adjourned sine tf/s,