BANKRUPTCY.

Taranaki Herald, Volume LIV, Issue 13841, 22 December 1908, Page 7

BANKRUPTCY.

J. J. PATTERSON'S ESTATE

AN INDECISIVE JUDGMENT.

An interim judgment with respect to the application of J. J. Patterson, solicitor and sawmiller, Dannevirke, for the approval of 'the Supreme Court to a deed of composition for the payment of 12s 6d in the £ in bis estate, was delivered in Wellington by Mr. Justice Cooper on. Friday last. His Honour said that the material placed before him was not sufficient to him to properly exercise the duty imposed upon tlie Court under section 1 118 of the. Bankruptcy Act, 1908. He was satisfied that the Deputy Official Assignee had not yet had sufficient material or information to enable him to prepare such a report to the Court as would give the Court a sufficient knowledge of the bankrupt's affairs and the position and value of his estate to 1 enable* the Court to express an opinion whether it was or was not expedient that the composition should be approved. Further - information was necessary upon the following points: — (1) A sum of over £900 was stated to be due by the bankrupt as a practising solicitor in connection with his business as a solicitor; the nature of the claims of which this sum was the total must be shown; (2) a full statement must be given.' showing in -.detail the property possessed by the bankrupt at the date of his filing his petition ; (3) an account should be furnished to the Deputy Official Assignee showing in detail tho .bankrupt's transactions with his wife for tho past three years; (4) a statement showing his transactions for the past three years with his son, Dr. Patterson, and particularly showing liow his son became interested, if interested at all, in the Bunnythorpe property, and what constituted the alleged liability of the bankrupt in the sum of £2300 [ to his son; (5) the bankrupt had stated in a balance-sheet furnished to his banker in 1900 that he had agreed to give his sister a one-half interest in the Bunnythorpe property. In his examination before the Court on Wednesday he stated that his sister had to get £800 out of the moneys produced y same* in 1907. What -was the real transaction between himself and'his sister ? Had she an interest in the reversion under his father's will? What moneys were paid to her out of the proceeds of the sale and the manner in which such proceeds were applied. Subsequently, his Honour remarked that if i£ were desired that there should bo an extension of time for the Court to give its approval to tho composition, application would have to be made forthwith, as the original period would expire that day. Mr. Ostler, who represented the bankrupt, said he had wired to Mr. Potts, who represented the creditors opposed to the composition, for his consent, but no reply had yet come to hand. He would move for an extension of time. • Mr. Young, on behalf of the creditors who wore in favour, of the composition, said his clients were in favour of the extension of time. His Honour said it would, in his opinion, be in the interest of all parties if the matter were further investigated. It might be that it would prove to be most advaui,:*<z:eous to approve the composition, or it might be that further investigation might show that the bankrupt had property which would enable a much larger dividend to be paid. He would make ,an order on the joint application of Mr. Ostler and Mr. Youn^, extending the time for the Court to approve or otherwise of the composition until February 9. All questions of costs would be reserved.