MEETING OF CREDITORS.

Star (Christchurch), Issue 6344, 25 November 1898, Page 3

MEETING OF CREDITORS.

»■ J. J. ALEXANDER. The first meeting of creditors in the estate of J. J. Alexander, of Kaiapoi, storekeeper, a bankrupt, was held at the office of the Official Assignee at eleven o'clock this morning-, when there was a good attendance. The report showed : ; — Liabilities : Unse-. cured: eredkors-*£3so-6s-6d,' secured creditors £75,' value of : securities £75. The assets were-^Book-debts,.. raited at £2 10s, the deficiency amounting to £347 16s od. Unsecured creditors for 1 amounts of £5 and over — Messrs Chrystall and Co. £5 8s 9d, Aulsebrook and Go. £26 10s 3d, Clark and Son £18 Is sd', Ayers, Beauchamp and Co. £5 ss, E. Recce and Son £9 16s 9d, Troup and Co. £9 2s, Strange and Co. £10 19s, DJ.C. £12 2s, A. C. Wilson £10 7s lid, Carter, Dunnett and Beale (London) £36 14s 6d, Beath and Co. £16 10s, James Clegg £9 18s, W. Evans £5 4s 4d, Johnston and Co. £9 3s sd, J. Sims £7 14s 2d, Caroline Smith £9 12s 6d, Eckersley £10. 10s, Mrs E. Alexander £94. The only secured creditor was George Smith, of Richmond, in the sum of £75 by agreement of mortgage over, stock-in-trade, etc. The bankrupt's* sworn statement showed that he was a storekeeper at Kaiapoi, and had been in business on bis own account for ten years, but for the last- seven years his takings had not exceeded £1 5s per week. About April, 1897, he opened a confectioner's shop at Rangiora, in which business he lost £74. though the takings were fairly good at first. That shop was closed seven weeks ago, his mother having put in the bailiffs for rent due. He valued his stock-in-trade at £25 and furniture at £24. Some six months ago he borrowed £75 from Mr Smith, for which he gave security over all his belongings. The waggon had been seized on Tuesday, the bailiffs took possession for rent on Wednesday, and his bicycle, horse, etc. , Avere taken .possession of on Thursday. He was compelled to file through pressure from all sides. The Official Assignee said that the bill ol sale given by bankrupt to Mr Smith was bad as against the claims of the other creditors. In reply to questions by creditors, the bankrupt said he kept no ledger account at all. Mr Troup said that an example should be made of bankrupts who kept such useless books. In reply to another creditor, the bankrupt said he had practically been in business for himself for eighteen months, and was, in reality, bankrupt eighteen months ago 1 . He started in business without capital. Mr Clark said the creditors were by no means satisfied with the bankrupt's explanations, and would like to see a fresh statement of his position. Mr Jones said it was evident that the bankrupt had received more money than had been accounted for. That was the crux of the whole question. Mr Troup asked what was the best means to get a case like this brought before the court? The Official Assignee said the opinion of the Crown 'solicitor could be itaken upon that point, and l a prosecution ordered if necessary. So ■far' l as he- could see. nothing could be learned from the books. Mr Troup wished to know if the court process would be- an expensive one. On the Official Assignee replying in the negative, Mr Troup moved, and the representative of Messrs Aulsebrook seconded, a motion to the effect .that Mi Stringer be instructed to take steps in the matter. The bankrupt , questioned aboiiit a certain horse, said it belonged to his wife, and had been bought out of the proceeds of the dressmaking business. Mr Jones said that in that case the horse belonged to the creditors. The Official Assignee agreed with Mr Jones, Avho then moved that •the debtor be requested to furnish an amended statement of hist receipts and expenditure since January, 1896, or to make some guaranteed offer to the creditors', and that the meeting be adjourned for that purpose until Dec. 2. Mr Clark seconded' the amendment. Mi Troup withdrew the resolution, and the amendment was carried.