IN BANKRUPTCY.

Timaru Herald, Volume XIIIC, Issue 13713, 1 October 1908, Page 6

IN BANKRUPTCY.

ESTAIE .1. C. FLEMING. A meeting of cieditois in the ctstate of J. C. Fleming, a bankrupt, was held iu the ofticv of Uie Ikputy Oltkial Auiiguee, Timaru. G. R. Joyce, T. Sherratt, E. Logan, A. McLcod, E.-McCabe, W. M- Oltvn, S. T. Walker, A. Bell, W. Fleming, J. P. Newman, J. C. Smith, J. N. Sutherland, and the bankrupt and his solicitor (Mr J oil anion, managing clerk for Siiiitbwn and Raymond.

In lib f>worn bankrupt said that lie wjh a traction engine owner, residing at—Geraldine. Ho started business on his own account! in January, 19C5, his brother* plant. Hit liabilities were £1166 14s 4d, against which ha had plant and book debts amounting to £BOO. tie had-practically no capital, hut had two good seasons in 1905 and 1904. Ho paid his way vOry well, and reduced his' debt considerably. When be started he owed about £6OO to Duncan's for balance of purchase money for plant. In 1905 thing* had gone very badly with him. He had many losses that y«ar through misfortune and accident. Iu the following se<u>on he had a very miihll threshing. About 1905 he gave a second security over his plant to the Cantctbitry Farmers' Co-operative Association. In 1905 the Canterbury Farmers' Co-opera-tive Association beized hio plant, ;uid gave him no credit for the use of it". Afterwards they allowed him to take it back. AVhile the Association had his plant he was obliged to hire other plant for his work. He had been working regularly all the time. Since 1905 iie Jad been pressed by liis creditors. lie had been trying to'meet them to tlic best of his ability, and had paid off, from time t» time, art much an be could. In spite of his losses, lwi considered that r.c had improved his position since lie had uk- ri over the plant in 1903. The immediate cause of his tiling was the action of the. Canterbury Farmers' Co-oper.ttivc .VsoociaUou in suing him for £199. JJi<nferupt added that ho had a wife and two young children dependent »n Itini. He had forgotten to enter Mr P. I'alloou on las l*t of creditors for £6 10b. He <!id n»t enter Mr A., McLeod's claim in hi* list he wfct> not certain that Ikowed it.

Bankrupt's tiled statement* showed : Unsecured creditors £337 10,. c.eiiied creditor*, £l3l 12* 9d (l<cr> e.*timated \alu** of securities £431 12s 9d). I'lie list fm--ther showed bankrupt's asseU as lieing worth £307 0s 4d, leaving a detieicnev t»f £3O 9s Bd.

1 lie detail* of liirt ,<t»Ctr. .IK a- lollows .Sawingplant, tiolikf. tu-.. £l6; j-pring dray, £3 10s; waggon, £8; two diaught lioitct, £l2: two iiew >au.*. £6 lCs; n-irp lope and star. £2 10-: har.mil chain*. £3 10s; firewood. £2 ICV>; two water tank* and coal bag:«. £1 lff>; riddles, £3; driving licit. £o ; bicycle, £6; Wk <lcl.'>, £lB 16* 2d <—• timatcd to ptvduce £IOO i; cash m band. 10* Id: furniture, £ls: ilcjKrit paid on !"«n >ection. Cleraldine. £10; bona, Can ietbury Fanner*' Co-operative .W-oeia-lion, £5: one .-halo in Canterbury Fanner* CVojierntivc Aenociaiion, £2. ICN ; mupin-" fiuiu securities in handi" of i s -. :i, L -.l ci editor"!, .-Hiy, £IOO. Ihe an-ecuied civditot'.i ;tr«- .-t> foil..,i> :

- Ma.-oii .Strutheia, £5; Dunk*, £d; Giblw, £2O; I'.nr, £5; Ilaiion, £2; W. Hcnbow. £46; l'atter.->on and l!.in, £3O; A. and I. Ilurt, £5; liarninghiim. £7 10*; United Ahhe>t<--> Company, £29: K. Logan, £l6; J. X. Sutherland. £2l; .1. C. Marton. £6: T. Hicrratt. £'B 10"« ; I*. Craig. £ ; 1 : "1 imam Herald.£3: "Timatu Mcl_nbe, £26; W. Oi"*'n, £3; MiiaH Mr. £2 10>. Total, £337 10* The Mcured cieditoi* wen- an follow/. : - -TruMce> of the lair I'. Duncan. amount »! ii'-ljit, _£2U. estimated value of >e • uiity. £oj 1 12- 9d ; Cautcibtiiy l'arm <!■>' Cooperative Arwociat ion, .unount <•! debt. £l9O 12? 9d, estimated value of >c cuiitv. £290 12% 9d.

-V/1<-1" ;* l"-»(ig d>>ciL*f-it.|i i.f b.inki u| * •illaiifi. tiie A.-»>ignec «a* ii*-:i u< t. .| Icjl;>c any Valuable J'Mt> .i- Mnm ,i~ |.f i>ible. In t!»e of «he t ntalol tliat the v.ilu- bankrop: iii.l put on hii plant u.ir> ,i l"iig nav jbove i;« vjltj. . Mr Slw>rralt ijucftioncd wheth--r tiicC.m terbury Farmer-'' lop-tativ.- A-- ~ i.. i..u hid any ught. to f-tce bankrupt'* engine.

as they had done, but- Mr Newman 'said that- what had been done was quite legal. It was reported to him that bankrupt bad cleared out, and he then gave instructions to seize the engine, and hold it until something was heard of him. Bankrupt j had been in no way interfered with by | the Association. -

It was -stated that the probauilitis* werc that only the holder of tho tirst" mortgage would receive anything ovt of tho estate.

After further discussion of minor de tials. on the motion of Mr .Sherratt. seconded by Mr Joyce, it was decided—

"That the Assignee, on behalf of the creditois, allow Mrs Fleming, out of the estate (in addition to furniture) one horse, one cart, and a bicycle." The • meeting was then adjuurncd siis'! die.