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A meeting of creditors in the bankrupt estate of Oliver Allsop, of Cave, butcher, was lield in the official assignee's office yesterday morning. Present: Messrs M. White,. W. R. McLaren, J. L. Hamilton, S. Roberts, W. E. Cadwallader Jon? of the itrustees of late Mr H. Bond), creditors in the estate. Mr Bolleston appeared for bankrupt, who was also present. The bankrupt's statement liabilities I to unsecured i creditors £1 10s and liabilities incurred to unsecured creditors as a partner in> the firm of Bond and Allsop of £264 13s lOd made up. as fol-, Mortgage and Agency Coittpany £72 7s 9d, Canterbury Farmers'-Co-operative Association £3l 9s 3d, J. L. Hamilton £2O 16s lOd, New Zealand Loan and' Mercanti'e Agency Company £lB 3s Bd, Priest and Holdgate £l3 5s sd, A-. Burnett- £ls .10s Id. G. T; 'Baker £B,G. Roberts £6 Bs, W. Kennedy £1 Is, W. G'Born £1 16s, .W. McKibbin £1 7s, D. Maxwell 10s. The estimated: assets amounted to £255, made up of stock in trade £55, book debts £7O, cash in hand' £3, furniture £lO, a section of 2 acres '2 roods 25 perches near' Cave railway stalion £117; deficiency £ll 3'slOd. , ■; Bankrupt stated that lie went iuto paxt.rership with Bond in April; 1904, in,equal shares. - Neither had ■ anything, in'the way of capital, but Bond had a trap and .horse of his own. Each took up a Government ''section, '; and on Boiidjlsi'Pection-'they. btiilta slJop. and- used the firm's money to defrnv pxp°'ises. Bankrupt buiit a house a Lis owa section, and -.vua iivii.g there,

but tii' Louise. L.wi not been paid for. Bond lookati .Ji.or £,he business in eveiy way, and tljf'-v never took any statement of account. Bond lived with bankrupt as one of his family. On the Ist July Bond took ill. Bankrupt then took charge and shortly afterwards the creditors began to press him. Knew nothing till then of what was owing by the firm. One of the creditors, the New Zealand 1 Loan and Mercantile Agency Company summoned him, and to have the business straightened up he was advised to file. Mr Rolleston said that Bond had died recently and half of the £250 worth of stock on bankrupt's premises was Bond's. The assets appearing in bankrupt's schedule were his own property. Mr Cadwallader said that he and his co-trustees were quite willing that any of the late Mr Bond's property which was used in connection with the firm's business should be sold: to. defray any liabilities.

On the motion of' Mr M. White it wag decided to realise the available assets in the estate as soon as possible, the necessary authority being given to the official assignee to effect a sale through the National Mortgage and Agency Company. Mr Cadwallader agreed to this. Mr Hamilton pointed out that all' practical work in the business was done by Allsop, and v it was due to him that there were any assets at. all. In view of this he proposed that bankrupt be allowed to. retain his section. < *

Mr Rolleston said that if other assets would realise -satisfactory pricas to meet creditors' claims it would riot be necessary to touch the section, but for the -present to deal with the matter was rather premature.

The meeting then closed

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Bibliographic details

IN BANKRUPTCY., Timaru Herald, Volume LXXXIX, Issue 13053, 14 August 1906

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IN BANKRUPTCY. Timaru Herald, Volume LXXXIX, Issue 13053, 14 August 1906

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