IN BANKRUPTCY.

Timaru Herald, Volume XCVIII, Issue 15120, 14 August 1913, Page 4

IN BANKRUPTCY.

SAUNDERSON AND O'KEEFE. CHAFF-CUTTING CONTRACTORS. A meeting of the creditors of Messrs Saunderson and O'Keefe, chaff-cutting contractors, Levels, was held in the office of tho Deputy-Official Assignee (Mr Alex. Montgomery) yesterday. Thero were present the bankrupts and their solicitor (Mr Emslie), along with the following creditors: —Mr J. L. Gillies (Westport Coal Mr A Wilson (C.F.C.A.), Mr D. G. Stephens (Parr and Co.), Mr Ralston (Reid and Gray), Mr Otway (J. Ballantyne and Co.), Mr Moir (Levels)'. a.nd Mr Tripp (for Mrs August, second mortgagee of Saunderson's property). Tho filed statements showed the unsecured creditors to be £237 8s 10d, secured creditors £287 10s, less estimated value of securities £290, the total debts being £237 Ss. The assets amounted to £137 10s (plant £l2O, book debts £ls), and surplus in hands of secured creditors £2 10s. Deficiency £99 18s lOd. The list of unsecured creditors was as follows: —Parr and Co., Timaru, £29; Wallace and Cooper, £8 15s 6d; Reid and Gray, Ltd., £8 10s; Priest and Holdgate, £22 17s lOd: AYestport Coal Co., £49 7s 7d; Vacuum Oil Co., £4 3s Id; J. Jackson, Ltd., 18s lOd; Westland Timber Co., 19s lOd; C.F.C.A.. £9 2s lOd ; Timaru "Herald '" Co., £1 9.s 6d; R. B. Denniston (Dunedi'n), £l3 ss; J. Robertson (Washdyke), 13s 6cl; W. Watson (Pleasant Point). £.5 3s Sd; J. Moir (Levels). £42 ss; R. Murphy (Pleasant Point), £l6: W. G. Kirchner (Levels), wages, £l2; AY. Wells, labourer, £3 3s Ski: C. James, labourer, £3 3s 9d; AY. "Hall (Washdyke). wages, £6 10s; total, £237 8s lOd. Secured creditors—Reid and Gray, engine, heild under hire-purchase, value of securitv £l5O, debt £122 10s. C.F.C.A. CV, Ltd., chaff-cutter, £140; debt £165. Tho bankrupts stated that they started business in September, 1912. They bought an engine from Messrs Reid and Gray for £2lO, and paid as a deposit the sum of £9O. Tho engine was taken under bailment, and they bail since paid £23 17s, on account of purchase money and interest. They also bought a chaff-cutter and truck from Mr Tozer for £9O, and paid a deposit of £lO on the same. The sum of £9O paid to Reid and Gray was contributed by them equally. The. £lO paid to Mr Tozer was out of the private moneys of Mr Saunderson. They had the misfortune to have the chaffcutter destroyed by fire about the end of March. It was insured in Mr Tozer's name, and ho received,the insurance money which paid off his account, and loft them about £l2 or £l3, with which they bought a saw bench. They bought a new chaff-cutter through tho C.F.C.A, for £165. They lost livo or six weeks between times, and this was the best part of the season. They had never been able to make up the loss which they sustained. Had it not been for the loss of time at this part of .the season their present position would have been obviated. If their creditors had been willing to wait until next season they would probably have been able to pay them all in full. They had only drawn ■ out of tho receipts of the business sufficient to keep them. .Air J. L. -Gillies asked where the galley-was, and what state it was in. Mr Saunderson replied that it had been sold to Mr Moir. Mr Mo'ir said he held a receipt for tho galley. : He bought it oh the 2nd of this month. Mr Gillies thought it very much resembled a preference. Tho Assignee said; the, galley oiVght not to have been sold to Moir. ■ "*lt was r.ot a fraudulent preference however. A fraudulent preference was when a man wilfully handed over property with a view to favouring a pafc tieular creditor. If a creditor threatened and demanded payment it was not a fraudulent payment. Air Moii- said he took the ealley over as part payment for his debt. . . Air Saunderson said nothing else had been handed over. Mr Gillies moved that a legal opinion be got on the matter, and-this was agreed to. The creditors agreed that the implements be brought from Levels, and put up for auction by the C.F,C.A. in Tattersall's on a date to be fixed; and it was left with the Assignee to look into the matter of offering for sale, under certain conditions, th'o fourroomed house and section owned by A. Saunderson at Rosewill. Settlement." '