IN BANKRUPTCY.

Star (Christchurch), Issue 11948, 6 March 1917, Page 6

IN BANKRUPTCY.

ESTATE OF W. O. E. WIGMnf. | I MEETING OP CREDITORS. j 'file first meeting of creditors in. flie j bankrupt estate of \V, 11. G. \\ ig.iey. | solicitor, of .May'iS Road, was heni ro- | day, before the GHieiai Assignee, Mf | 1. I>. Kendall. To accommodate too I large number of creditors the meeting j was held in the Magisirate's Court.. _ | Mv (>resson apeared for the i>a.«U- | rapt. ; Tho bankrupt stated that he com- \ mein.-ed practice twenty years ago, ami j for the first throe, or four years it was- j worth approximately £3OO a year, hue J sinco' then it liad not prodm.-t-xl more ; than ;U.":0 for isevci-al years. lie had j i-eeeived moneys from timo to time 1 in. the nature, of gifts from his aunt. J Mrs Sarah Rhodes, hut there, was no j axed allowance. At t-ho fime- of his I about twenty years, ago, Mrs | "Rhodes provided £201)0, and tins fund | was .settloii on trustees f>>r him-yeif for j life or until biint:rnptcy or assignment. ; lie drm\' the interest 'until about- ten ; years ago, when tho fund was invested' : i.u the imrchase of a projierty in tho : trostecs' names, and he occupied and I farmed it. The net result of farming ! in ree-ent. .years bad been a loss. \h;\- j gofy and Co. carried his stock account, j and he owed them il 100. which he reek- ■ oued would be covered by stock. T'm-y had vaken his wool each year, and. he ! had paid them about .£4oo in addition i during the last three years. Tho | last three tcasoos had been very | dry, and to this in on i-t h-.- ; atfribuied his prescni positron. T'lio Kiliurnie |>-'operty, ' of one acre one rood thineeu pcrciici • was given to bin:: by Mrs Rhodes ten ; or twelve, years mm and valued at j £450. lie paid £2oo fo the Wellington City Council to level and improve | it about five yoa-rs ago. Tho work was } to lie dono witliin tuno months, but i' l , was not comjileted uid'il a few months ! ago. If be eouhl have had the unri; ! dono as rtgreo'd, he would have sold and made a- profit instead of having it , on his hands. The charge.-, on tho I property, namely, Rhodes. Rank, An- I derson, Wigiey and Meorhouse, were j raisd to enable him to carry on ids I farming account, and living expenses, i Tho property was unsold, and no sale- | able on account of the war. The May's j j Road property was in. his name, sub- | I jocfc to a mortgage' to the- Advaifces ie Settlers Departmciit, and a mortgage to the Mamage trustees,. There was no equity- lie hii>l always looked to sell the Wellington property He had hanked all moneys. Ho was married, with four children, lie did not drink or gamble. Ho had no idea of what ho would do in the future unless ho got work. The secured creditors were A. 13. G. Rhodes, £603 16s Id: Rank of New Zealand, £1092 8s Cd; Dr Anderson (Wellington'), £379 10s: Mrs A. C j Wigiey, Timaru, £3M ; W. H. S. Moorbotise, £530. These rates were secured ion ihe, Kilbirnie property, the e-sfci- \ mated value of tho "security being j ,£o(i(M). In, addition, there wr- owing ( to. the Advances to Set/tiers Depariment £470; instalments duo to iTftimjiry 1, 1917. £3l Is k'l ; marriage set- ! tle'ment ti-ustees, £200; rates, £lO 10s ; These were secured on tho May's Road j property, valued at £7lO. j The unsecured creditors were:wood Steam Laundry, £3 Bs del: Cur- | nigh Bros.. <:l'J I'Js 9d; George Fry and Son, £2 lis lOd : W. J. Colies and Co., £R> 10s; Central Labour Agency, os; J. Winder. £2 Ts: New Zealand In.surance Contiiany, £l 1(h -:d: Graham, Wilson and Smelbe, -jL'!?l 19s 9d : riallenstein Rro.s., £lo K-'s; Armstrong and- Co.. £26 3s Sd ; IM.C, £o3: J. Ballantyne and Co., £3O 6s Gel.; Cookhain House, £2O o 3 2d ; Dr Alexander Paid-son, £1 lis 6d ; E. A. Johnston, £7 Kvs; A. Philpott and Co., £2 Is 9d ; H. Painiell and. Co., £2f> Os Wd ; Simpson and Williams. £i!S ; A. -and I\ Kerr, £3o 7s 3d: J. Pimm and Son, £2O 17a tid; H. !b Sorenson £2 3s Id; Al»- S Cooke, £4 10-s: Caroline Wreifn. £39 lor, 4d; A. ,1. White. Ltd., £4,1 7s 711 f J. T. Priest, £4 Is 2d: R, B. Wilkinson, £4 15s 6d; l>r T. A. M'Gibbon, £7 75.; I>r L. M". Moiinea'ux. £7 7s Od; George, Piercy and Co., £3O Is 9d : I-turdlev and Sons, £4 12 s tid; Dr Russell, £4 Os (id; F. A. Cook, Ltd.. £2 Ids Id; Mrs ('-. T. Rtirgess, £o 10s 9d; J. S. Atkinson, £S; Richardson and Stokes, £2 15s; . G. T. White, 17s; Ray Ford. £18; Sumner Vale l>airy, £4 los; Wallace and Co., £1 4s; Adams Bros., £1 18 Gd ; F. \ W.' Thompson. £6 13s; Cowpcr, £1 13s 3d; Malloek, £2 los; De-nsem, £1 los; Allison, £4 10s; M'Donald's Labour Exchange, £1 7s; H. R, Best, £6 7s; Webley, Sous and Gofton, Ltd., £4 4s; Turnbuii and Jones. 15s Gd; \L S. Parish, £3 los 7d ; Russell and An--thonv, £1 Is; .Nairn and Sons. £2 los: Dr G. Westeiii-a, £24 14s; Reatb and Co., 19.3 9d ; T. Parker. £42 os Sd ; Adnams Bros., £5 Is; Annie F. Webb, £4 9cl; Miss H. F. Gibson, £ll los '9(1; TYade Auxiliary Co., £6'; Dtilsrety and Co., £471 17s 7d; Mr S.' Brown, £loy 3s -id; N.Z. Refrigerating Co., £8 ss; Rhodes, Ross and God by. £3 4s. The bankrupt's statement was its follows : Liabilities. - Gnsectired creditors £1252 lis K)d, secured creditors £3710, less estimated value, of securities £4340, surplus to contra £024 2s Id, other liabilities £S7I 16s lid; total debts £2121. 8s 9d. ' < , < ' ' i i : ] i i i i ( : i ; ;

Asset.". —Stock in trade nil, cash in hand nil, furniture £loo, surplus from I securities £(>2l '2s Id. stock at Roileston £3BO, property £811) 17s ocl; total £1973 10s fid. F,stimatpd deficiency .{Mofl 0>; 3d. Tho Assignee said tha't at the moment. thorc was not much chance of getting «, buyer for tho Wellington property, lot: /done got £3600 for it. Jt was securing about and lu> did not think it would realise any n.oro than that. As for tile May's Road property, it-hero was no equity in thati either; but there was a sin all equity of £44 in a, country property. Mr Tvvynehnm, who appeared for Mr Washer, who had purchased the land from bankrupt for £9 an acre, said that, there was a difference of ,644 8s between what Washer had paid and what was due by Wigley to Brown end others : but Washer would not pay that sum, as he claimed lie had a right of rebate on account of tho "misuse of liis" property by the bankrupt l after tbo time Washer had bought it. Bankrupt had turned an enormous number of sheen on it and left it destitute of grass or vegetation. Otherwise bankrupt could 1 have the land back if Washer received back tho money paid for it. In reply to Mr Wright, Mr G re,-son said that the mortgage of £2OO to the. marriage trustees was dated 1912. All the other mortgages, except tho one given to' Moorhouse about twelve months ago, had been running for three or four years. Mr Oresson, in reply to a question as to tho amount tlie estate would pay in tho pound, said that the assignee had estimated atli equity of £Bl9 17s 3H in the properties, but ho ■ did not think that it would materialise at all. Tho only assets that the creditors were likely to get hold of were £l5O worth of furniture and £350 worth of stock, which meant £530 to meet unsecured creditors of £1252A voice: With more to come in. Mr Gresson said that the only settlement was one of £2OOO made on his marriage, hut dt ceased at his bankruptcy. There was also an annuity of £IOO a year, but it could not become an asset in the estate. But ho was authorised to .make an dffer to the creditors. Mr i{ hodev wu;; prepared {•>

pay into the «?st-ato £"SO, conditionally upon the creditors abandoning the claim of £l5O for furniture:, and also abandon any claim on the May's Road property, which it was desired to keep as a houxs; and that the creditors should also accept a composition on the terms or the iiankrnptoy Act, enabling proceedings to bo taken to annul the bankruptcy. If tho offer was not accepted, Mr Rhodes would, take no steps to assist the estate. ■'ln reply to Mr Armstrong, Alr Gresson said tliat with Mr Rhodes's oiler the estate would not pay mur. than Sa in the pound. Mr iSeelev that the matter was bristling with difficulties, which shouk i;e sifted caieful'»y, and' a committee the creditors should confer with the Assignee and look into the books. Mr A. M. )Yright seconded the ionThe iiifetiug ivii- adjourned for a week A brief discussion arose as to the terms on.wlioh the composition might he afireed >ll, and it was suggested by a. creditor that although the £IOO annuity could not become an asset, it mi«lit be made a condition that the bankrupt should j>ay so much out of it a year. The bankrupt ssid that he had notgone into bankruptcy to dodg ; his creditors,, whom he hoped to pay in full in time Mr Gresson, in explaining the procedure to be taken to arnul the bankruptcy, said that any creditor could appear in Court to oppose the irotion if he thought ;here was anything wrong Mess's A. M- Wright, T. Armstrong and E. B! Sealey were appointed *0 confer with r-he A^i^nee.