MEETING OF CREDITORS.

Timaru Herald, Volume LXXXIII, Issue 12911, 27 February 1906, Page 6

MEETING OF CREDITORS.

IN RE PETER McINTOSH. ... -A first statutory meeting of. .credkois iu the "estate ". of Peter - Mclntes'h,. 1 '~Coach- , was'-;.'"hel!l;.--- ; ;"fflv''^^.-.qf&&_ % .oif"\tlM>"' Deputy Assignee yesterday.. 1 Present jMr,,Ai ,3iontgdmery"'(in the xifair)', : *J: "W----"White (the bankrupts. soUoitcri, , W..sKaympnd {for Craddock, Orr and. Co., Ciirist : church), J. Burfpfd, W. Pearson, /W. J. Irwm ; (for Jackson aiuL CoO,w" J. Sh.'-j.sieid, : J. S. Thompson, Craddock, and A. i%tdzlie.

"Bankrupt's filed statements- showed unsecured creditors, JBBS 10s, ..-awed by stock-in-trade estimated at £6U: seemed creditors (Craddock,,. Orr -./.and CVh. far £250; to cover this there were book'.Vi-bfs estimated to she worth £l9 is. • Liie loial debts were £5135 105.10 d,, and the deficiency £s6;7spod. ' ;- ; . ■ The following -were the principal of the creditors : —A. G. Thompson (Christchurch), -£lB 18s;.: J. "Jackson and Co! (Timaru), £lO B~s 9d; G-. Smith (Timaru), £8 15s; W. White and Co. (Addirigton). £6>2s 6d; J.-Shcßheud (Timarnl, £5 15s lid; A. Kedslie (Timarui, £5 12s i6d ;•-'. "Johnston, '■' Mills' and ' Joyce (Christchurch), £7 10s; " Timaru Herald "' Co., £4; Priest and Holdgate (Timaru), £3 7s 3d; Kernohan,. McGalion and Co. (Timaru), £2 8s 6d; Pearson, and Go. (Timaru), £2; J. ' (Timaru) : . £2. Various tradespeople claimed less amounts; total,' £BS 10s. .. ; ......... ._,...., Bankrupt stated that r h.e_ had. been in business as a coachbuilder and blacksmith since the beginning of "September., last. r \ Ha-* then had £156 6s id; caipitaj, owing iEJ6-y He, .his. ;^ a" there :tt*s. npSußii\e.ss. ■ Was previously in "busiiess; ;afc Cjoss, near Darfield. He.; bought the business of MacNeil and Cromwell,. Timaru; through Craddock, Orr, and Co.; who advised him of the business and financed him. He inspected the place and its books, and told Craddock, Orr and 'Co. ihe 'considered it I a good business. Bought the business, I goodwill and plant, for £325. Took possession in the niiudle of September. For a month got very little business, then .a little more by canvassing. Came to the conclusion at Xsw Tear that the btisiness would not pay; as a matter of fact did not do a good week's business at any time. . Wrote complaining of this to Orr. and Co.. About. Christinas' ttiey sent- down. ; ,'ar"bill of sate over the property, for, £250, representiftg moneys advanced and. goods supplied. He . signed this. He offered 4hem

if„they would discharge his debts ia TiTriaru." They refused the offer. He hadenough outside the bill of sale to pay his other creditors. Was then advised to file, a "step he would have taken sooner but for ■ the protracted correspondence between Craddock. Orr and Co. and himself. Xo one took possession under of sale; Craddock, Orr and Co. wanted to be allowed- to put some one in charge to work .thje shop-on their account, but he had not avowed this. .Gross-examined, he stated that Mr F. Walker had been at the shop, on behalf of Craddock, Orr and Co.. -before he filed, and had been about the place since; but did not tell bankrupt he had come to take for them. Thought it rather unusual for a man to come to the shop as Walker did! without any authority; he produced no letter. He knew, however, that he was coming, through correspondence. Craddock, Orr's traveller informed him that a man was coming down to take possession. When Walker arrived, told him he could not take possession. He could stay there- if he liked, but must transact " any business. Took a billet I himself, and wrote to Craddock, Orr and Co. to that- effect..

Mr Craddock explained that the business had been recommended to bankrupt- because'he'had been frequently asking them to get hint, a business. They advanced him the necessary, money. They made no profit or commission whatever, but advanced the money to help him, and " gotlet in.*' " The- "had no interest in doing it.' . • Mr White read letters from Ciaddock, Orr and Co ~one dated August, stating that they did not care to push a man into a- business, but considered he was about to pass one of the best businesses of kind in the district. Another offered a loan to meet pressing' debts, and relief from all liabilities under the lease provided he handed over the shop, stock, etc. . Mr Craddock said they did not desire to accept all his Timaru liabilities; they were heavily enough in debt over him. He did not think there: was any need ttf file. They desired to have kept the shop open to sell it as a going concern, and therefore guaranteed the quarter's rent to Mr Thompson. They did all they could to let the bankrupt get out of the place and sell it. He was not prepared to make an offer. : .

Mr Montgomery said he coald not say whether the bill of sale was legal or not.

Mr White said that as there was a doubt) that W.alker was legally in possession, and if the bill of sale was made after the money was advanced, it was null and void. The. correspondence would show Walker was not- sent as a bailiff. Mr Craddock said' talker was sert down to take possession. Mr White suggested that the meeting be adjourned to let the legality of the! bill be inquired into, or to allow Craddock.. Orr and Co. to make an offer. It was moved by Mr Irwin that ,the meeting be adjourned till 2.50 p.m. on Monday next, and that in the meantime Mr J. W. White inquire into the legality of the bill ofisale. Mr Craddock -said they were advised that, the bill was in order; in any case, if the bill were -'not good, it would not make much .difference to the other creditors, whose claims were all small. The meeting was adjourned accordingly.