SADDLER’S FAILURE.

Star (Christchurch), Issue 17009, 6 April 1923, Page 9

SADDLER’S FAILURE.

| CREDITORS MAKE TERMS. (From Oi k ('orrespondent. ) ASHBURTON. April o. A meeting ot William John Carle ton’s creditors in bankruptcy was held at Ashburton to-day. Debtor was a saddler in business at Methveil, and according to his filed statement lie owes £*3l9 6s to unsecured and £IOO3 to secured creditors. The securities were valued at £IOO3, thus leaving a deficiency of £319 6s. against vvhicfi there was stock-in-trade valued at £250, book debts £250. furniture £IOO, j and half-share in a coal mine lease at j Mount Somers, the half valued at £IOO | total £7O0 —showing a nominal sur- ! plus of £3BO 14s. ' Questioned as to the coal mine, debtor said certain people held an option over it. but did not now seem inclined to take it up, and there was little chance of realising on it. It was tussocks land of only small value for grazing. The Deputy Official Assignee said the creditors had been misled by the debtor’s optimistic value on the coal mine. It; was worthless. The book debts had so far yielded £IBB 14s orl and the stock about £l7o—total £358 14s od. When expenses (including Government commission of £36) had been deducted there would remain tor distribution £290 J3s 6d. It was Jikelv they would get £4O more from the book debts, but creditors would not expect to receive more than 10s in the £. It was stated debtor’s furniture, etc.. were valued at £136 10s. and he had retained tools worth £ll to carry on his trade. After a discussion in committee the creditors offered to sell debtor the house for £9OO. lot him keep all his tools and furniture, and give him a i fortnight to consult his relatives. Debtor agreed to consider it.-