IN BANKRUPTCY.

Timaru Herald, Volume CI, Issue 15411, 29 July 1914, Page 5

IN BANKRUPTCY.

PASTRYCOOK' AND CONFECx TIONER. A . meeting of creditors in the estate of Thomas.' .Lamb Craigio. pastrycook and confect.oner, bankrupt, was held in the oi'iieo of the Deputy-Official Assignee, yesterday morning. ' There were present—Bankrupt and his solicitor (M:- Emsiie), Messrs Andrew Wilson (C F.C A.), -W. Eiciibaum (Jas. Craigle),, J. Palli.ser Y\". Gunn" S. Robinson, and, 11 Bell.' ' . '.j Bankrupt's filed statements showed: —Unsecured creditors £473 6s od. total assets (plant) £300; deficiency, £173 6s od. - | The unsecured creditors were:— Jameson, Anderson and Co. £4 12s .6d, i IT. nry Berry and Co. £ll 15s 4d, : "Weeks, Ltd- £2...45. scl, W. Taylor and ; •Soil 1 ;, Ltd. £2 18s Gd. i'omeson and Co. ; £7. Rattray and Sons, Ltd. -- £1 12s, j Hudson and Co., Ltd. £7, De Lambert ; Bros. £3 8s 9<l, Priest and Holdgate I £2 9s, Beckinghams, Ltd. £3 4s 6d,| Jenkins and Little £3 2s 10d, Estate of Hogg Bros. £7' 3s 9d, C.F.C.A. £29. Grant and Seaton £5 5s 3d, F. Pa-Miser and Sons £26 los, "Timaru Post" Comi winy' £l2, G. R. Jovce. £1 ss, "Timaru Herald'' Company £8 18s, .Bowie and Co. £l3, James Craigie £69 -Manning and Co. 16s 4d, Wm. Gunn £2O, Robert Bell £ll, Stanley Robinson £7 Adeline Oaigio £l2 Lis, Bank of N.Z. .£200; a. total of £473 6s od. Bankrupt said he commenced business ns a. pastry cook and confectioner in July 1913 with a capita:] of £l4o—the iirnt savings off his. wife and himself. He took a lease of Mr Gunn's shop at £2 10s a week, but as Mr Gunn declined to build a, bakers oven to suit him, he had to do this himself. This cost him about £9O, which had been paid with the exception of about £25 10s. He spent what cash he had in fitting up the shop, buying furniture for the tea rooms, and buying stock. He did very well mv till last New Tear, fiince which time there had been a continual falling off in the business. r .He> got an overdraft of £2OO from 'the Bank of New Zealand, and this was guaranteed by a friend. Last, soring and. summer he was too short- of" capital to' enable him to put in a

stock of butter and eggs for this winter, so that he' had to buy these commodities at current 'market rates. For the past J'our or five, months it had taken all the money he had received in the business to buy flour, eggs, and butter,' and pay part at the current expenses, so that he had not been in a position to pay off any of the liabilities incurred by him in fitting,up the shop and buying stock. Mr James Meehan sued him, and ho-confessed judgment. This was published in the Mercantile Gazette with tho result that all his creditors commenced to press him. He immediately put the business on the market for sale, but could not find a purchaser. . Mr' Emslie: his solicitor, had written to all his creditors outside of Timaru, and they had agreed not to press him, but the local creditors began to sue, and hs was compelled, in the interests of his other creditors, to file his petition sin bankruptcy. He was very sorry to find hirrsplf >n IrV •position. as he had done his best. He had started with too little capital for tho business. Neither his wife nor himself had had anything except their bare living out of the business, and his daughter had received no wages since the' besrinning of January. He had no m'operty except-.'that which he had handed over to the Assignee, and .'was ■"ot in a. position to make any offer. For the past, five or six months he had

been physically unable to work, so liacl been compel led to employ a baker to do work which ho would .otherwise havo done himself. Mr Wilson asked bankrupt how ho reconciled two conflicting statements which ho had made. About a montn ago "bankrupt told him that he only owed two accounts-—£69 to Mr James Craigie, and £3O to the C.F.C.A. Now in his tiled statement he showed a large number of accounts ownig. Bankrupt said that what he had told Mi- "Wilson was that the two accounts named were the two largest which he owed. Mr Wilson said that was not so; ho had taken a note at tlie time of what bankrupt had •said. Bankrupt said he bad intended to J say that .thev were the two largest ; accounts, if he had not said so. i Mr Wilson said that bankrupt had also told him that his rent was paid ; up to date, on .Time 27. . j Bankrupt said lie might have made a | mistake in this respect. i •Mr Wilson further why bankrnr.. hahl tod li'm tha,t all Ivs stock and plant was paid for whsn as a matter of fact ; t ivjft not? Bankrupt said he had no recollection of having said this. 1 •Mr "Rmslie remarked that the local creditors, were the only ones -to prcFs Mr Orni<rie. i Mr Wilson said that thp f C.F C.A.. bad not preyed h ; ni, at all events fl? shown bv the fart, that they had f .r,tered into an ar'-angcnient, to accept 10s a week from him in payment- of . then - account of .-£BO. ! A to"k as to br.'-t method o f dispesiiT of the bur-nK-p? ."'id lilant. and it was decided to call tenders f"T- ' t Mr Wilson and Mr Fichbaum were appointed a .sub-committee to _ confer with the Assignee in dealing with any tenders that might be received. - j , Mr Emslie mentioned that the : Dresden Company had seized a piano ..which 'was in bHnkruptf-s name, but which really belonged to Ills .daughter as sho had made the payments on it. It had cost £SO. and only £9 was owing on it. If the creditors desired to take possession of the piano they could do so on payment of the £9 owing. Miss Craigie had received no wages from her father for some months for her work as "a. waitress in the shop. She had a claim for wages-, but was prepared to | j forego•ythie if the- piano, were released. . ' Her claim for wages amounted to more than was owing on the piano, so that- it would pay the creditors to release the piano for her. ' ; •Mr Wilson said he did nut.think the creditors wanted to take the piano from ! Miss Craigie; and in consideration of her offer to make no claim for wages, , -he thought they should make no claim . to the piano. _ ! Mr Palliser expressed a similar ? opinion. > ! It was agreed that Miss Craigie ■shouM be allowed to release the p : ano. and dispose of it to ttfie best- advantage : for her own benefit, i It was considered that the piano would sell for £25 or £3o\ as it is' a I good one, and •almost equal to new. .