IN BANKRUPTCY

Timaru Herald, Volume XIC, Issue 14003, 11 September 1909, Page 7

IN BANKRUPTCY

I JX HE A. E. STOREV. 1 A meeting of creditors in the bankruptcy estate of- Mr A. E. Storev. tail,,old J " 1:1,0 office of tlie Official Assignee, yesterday. There j ere pn sent, Mr A. Montgomerv, ofbankrupt, and his soliutor, Jlr W. Aspinall, and Messrs r , , c ' ,, ! r l '.- 'V r Harris and i r [- Lashlie-, for Gabites and Co., J. bun, W . Jeffries, for Scrimshaw, S. Ssmitb, for Wilks, Smith and Co., G. ,=>. I ':, A; Jovut, for Mrs Storey, and A. E. Prosser. ' lite bankrupt's sworn statement showed that m the. year 1907 he was employed by his father William Storev, of leniuka. father, on wages. He got into financial difficulties aud witness interviewed his fathers creditors and arranged with them to take over 'this business and pay them 5s in the £1 on their claims bv instalments. His lather owed him at that time .f tO. and there was £ls owing'..for rent. lie paid up the rent and the os in the £l by instalments hut lost tlio -whole, of his wages. He had carried oil the business since and employed Ins lather il a week uud board./ X\ithaview to increasing the turn-over lie engaged a hand at .CJ 15s per week in July last. He 101 l back in his payments and at the end of August a distress was . put. uito :tho shop for rent .due, about £lli. In addition to this lie was ; sued by three creditors aud on the advico of his" solicitor.lie filed his petition. He attributed his- failure to having taken on too heavy a burden at the outset and to depression in trade. He was a married man with two children.- He was unable to make any offer. . '

There were 110 secured creditors and. the;list of unsecured creditors was as follows: —Mrs E. Cutten £ls, 14s 2d,. Mrs E. Storey £8 9s, lling, Harris and Co. £75 10s, Gott iJros. £45 lis, 11. Malcolm and Co. £l6 10s sd, Wilks/ Smith and Co. £l6 6s 6d, G a bites and Co. £4 8s lUd, Hohdai, Lanka, and Co. £1 2s 6d, Lee and Merrin £2 12s, G. Hancox 12s, Opie and Sons £3, - T. Buxton and Co, £1 15s, W. G. Aspinall £lO 10s, G. B. Wigiitman 10s, .1. Pollock 10s, C. Bates and Co., 17s 6d_, Temuka Cheese Co.. 15s, G. King £7 3s, W. Storey £29 4s 6d, A. E. Trosser £2 17s 3d, H. Steele 19s Bd, .Gas Co. £3 15s, J. Sim £5, G. Scrimsliaw £l,, T. Edwards 10s, Mrs McCaiskill £1 10s;. total unsecured debts £257 3s 2d. Hie [total assets were valued at . £ll'Hj as fijllows :—>Stock : in. trade £SO, book debts £97, estimated to produce £3r. furniture £25. "'

in commenting on the statement Mr Orchard said the claim of £2*J put in by bankrupt's father seemed ridiculous, when the fact was taken into consideration "that he owed his soil £4O. .. Mr Aspinall contended that the claim was reasonable and bankrupt's father-was entitled -to the money if-lie. had worked' for it and'earned it. Mr Joynt asked if some furniture had not been sold liy haiikrnpt, who replied that his wife had sold some a few. weeks back, 'and the money Yviis: used' to relieve :-some of his. most pressing. necessities. ' v Mr Orchard asked ' bankrupt a few "questions as to the value of his furniture, wearing apparel and; personal effects generally, aiid bankrupt said that ho doubted if the goods would fetch £25. : j Mr Joynt said liei knew that _ a | couple of months ago Storey had furniture to a value considerably more 'than £2s>in-ihs houso ,even deducting the value of the furniture sold at auction. Jrfo would liko to know what had become of it.Tho bankrupt denied .Mr Joynt's assertions. - ■ ' ' Mr Aspinall said it was the assignee's business to see if the valuation was correct; if it was considered necessary a valuer could be appointed to make a valuation, of the effects. Mr Joynt insisted' that bankrupt had wearing apparel of a nature rather extravagant considering his present circumstances. "Ho is .not the worst dressed mail in tho room by.. any means,"'said'Mr Jovnt, "and it seems a rather extraordinary state of affairs that a bankrupt can go about in new suits, better than are worn by the men .to whom he owes money. The assignee said if they wished for a valuation of bankrupt's personal effects and clothing lie would like a motion to that effect. This was the first meeting ho. had ever presided over at Avhich creditors' bad mentioned u request of this kind. Mr Joynt also made allegations as to the amount of time , spent bv bankrupt in hotels and his general culpable neglect of his business. Mr 'G. King said that lie had never seen bankrupt; under tho influence : of liquor, since he had been with him. Air Orchard said lie did 116 c complain of tho loss of money his iirm'had sustained. That : was all in the game, and tiiey expected it; but lio must enter :i strong protest against the well known unbusinesslike methods of the bankrupt. Mo was' not prepared to' pi'ovo any charges of intemperance against bankrupt-, but ho was morally certain, and had information from unimpeachable sources that he neglected his business very much. ./He' wotild propose that provided tho creditor, Mr • Storey, waived his claim of £29, bankrupt would' be allowed to retain his furniture and personal effects, otherwise that the assignee be/ instructed to order a revaluation. : Mr Aspinall said that though he could not guarantee it, vet . lie thought William Storey would withdraw his claim, especially when it was taken into consideration that he owed his son about £-10. The motion was seconded by Mr Jeffries, and carried. Messrs Aspinall and Smith moved that bankrupt be granted leave to apply for an order of discharge, but the motion Was opjwsed by Mr Orchard, who said bankrupt was not fit to conduct a business, and'the matter was left in abeyance for the present. Sir Aspinall undertook to collect jLlie book debts, and Mr W. F. Jivans was authorised to effect a sale of stock and plant to the best advantage.