MEETING OF CREDITORS.

Star (Christchurch), Issue 9116, 23 December 1907, Page 3

MEETING OF CREDITORS.

EUGENE LAUGIER. A first statutory meeting of creditors in the bankrupt estate of Eugene Laugier was held this morning in the office of the Official Assignee. Mr T. W. Stringer, K.0., appeared as counsel for the Assignee, Mr Weeton tor Gerber, Michaut and Co., the principal debtors, and Mr Upham for the bankrupt. Two creditors appeared. The bankrupt's statement showed that there were unsecured debts amounting to £422. 9s lOd, secured debts £193, value of security £400. The assets included stock-in-trade at Wellington, Christchurch and Dunedin, worth £1700, and book debts worth £150, and this, with the surplub from securities, totalled £2057, leaving a surplus of assets over liabilities of £1634. The principal unsecured creditors were Gerber, Michaut and Co. (Sydney), £380 ; Warner's, Limited, £11 lla 10d; F. Hobbs and Co., £14; H Pannell and Co., £5; A. Murdoch. (Dunedin), £8 Bs. The bankrupt said tJhat most of his book debts were good. In his sworn statement the bankrupt said that he assigned all his goods last march to Michaut, a condition of the agreement being that Michaut should return £250 worth at cost price and assist him when necessary by loans, and advancing £250 to release some 1 "goods from bond, including £57 10s to pay off a loan by Mr Raphael on four cases of goods. Bankrupt was to give a six mouths' note for £200 at 6 per cent in return for this consideration on Michaut's part, and the bill fell due on November 10. The remaining £50 was given to bankrupt to Michaut. As a further consideration Michaut promised to guarantee for bankrupt £200 at ninety days to a New York firm from whom the bankrupt bad previously ordered goods to that amount. Michaut fulfilled his promise. He was further promised that Michaut would write to Paris that Laugier's situation was clear, and that goods could be sent to him giving him sixty days. That was also done. There was a further consideration that if any of his creditors refused tojsign the deed of assignment, Michaut was to undertake to pay them, giving Laugier a full release. Laugier said that despite the arrangements made between hini and Michaut. Michaut sued him for the full advance including the gift of £50. With the money handed to 3iim by Michaut he j procured two shipments of Japanese brushware held by the bank, and took i thorn to his premises. In. May Michaut insured all the goods u, Hereford Street in the name of Gerber, Michaut and Co., and then wrote to Laugier stating i that among the goods he insured at j different times, goods to the value of Ia7BB belonged to Laugier, and gave | Mm also a statement showing the proportion of the premium payable by him. Mr Jameson said he could settle that ; the amount referred to office furniture. He had a sworn copy, although the original had been cancelled by Michaut since. He had a fire in his premises in September, and shortly before that ho had removed all his own goods from the premises to Wellington. He never made a claim for the insurance. Mr Michaut : How could he ? He didn't hold any policy. Laugier said he thought he could get about £800 for the goods he owned. The sworn copy of the destroyed let'ter referred to previously w.as produced, stating that the share of goods belonging to Laugier, worth £688, had I been insured for three-fourths of its valuoj and the office furniture, also Laugier's, was also insured. Laugier stated, that his living had not cost him nothing since the deed of assignment was drawn up, as^Michaut paid him £4 per week as his expenses. j He refused to say what the cost price of brushware worth £300 at the selling j price was. I Mr Michaut said it was about £200. | Mr Jameson accepted the cost as £300, and that was all the goods Laugier had, and which he had brought up in value to about £800. Mr Western asked whether Laugier told the insurance companies, when giving evidence, that the prices shown in the book of selling prices were the cost prices of the goods, but Laugier refused to answer. Mr W«6ton: Mr Laugier has already sworn in the Supreme Court that he put the. top value on the goods when appraising them to the companies. Laugier : And it's true ; so I did. A long discussion took plac© as to the handling of goods in Wellington, and Mr Weston said his client claimed a large proportion of those goods, and a consignment of cigarettes. Mr Michaut read a statement to show that Laugier got about £850 in stock and money cut of the arrangement. In answer to Mr Weston Laugier said that he received nothing from Michaut but the goods. Iha was promised all the book debts of the estate on consideration that he kept his mouth shut about the fire. The Assignee said that Laugier had some doubt as to how he should live, and had said he would probably have to seek employment elsewhere. H© asked if the creditors would make him any allowance out of the estate. Mr Jameson said that he could get lodging for £1 a week. Mr Michaut said he would not consent to an allowance ; he had spent too much on Laugier already. He moved that Mr Jameson should be appointed supervisor to take stock of the goods to find their value. Mr Laugier; That'll be a nice thing. Mr Weeton: You've got nothing to do with it. Mr Jameson was appointed accordingly. Mr Michaut agreed to £1 a.w\..>k after a protest from Mr Weston. but Laugier immediately said , that was quite unreasonable. He addressed Mr Michaut in French for a minute or two. and Mr Michaut then said he would agree to £2 a week, advancing the money, to be returned to him out of the estate. The meeting then adjourned till January 6.