MEETING OF CREDITORS.

Wairarapa Age, Volume XXXII, Issue 3127, 2 March 1909, Page 5

MEETING OF CREDITORS.

ESTATE OF JAMES M'KENZIE, MAURICEVILLE. The first meeting of creditors in the bankrupt estate of James McKenzie, builder, of Mauriceville, was held in the Msstarton Courthouse yesterday morning, before Mr VV. B. Chennells, Deputy Official Assginee. Mr D. K. Logan appeared for bankrupt, Mr J. Coradine for J. Elder, a creditor, Mr Pownall watching proceedings on behalf of T. F. Brenchley, late partner with bankrupt. Nine other creditors were present. Bankrupt, examined said he commenced business in December, 1904, with £6O in the bank as capital. He commenced contracting in May, 1906, with £3OO , his own capital being augmented by his wife's money. He carried out several large contracts for buildings, but not speculative ones. The unpayable contracts were: —C. V. Spackman's house, loss £100; Mauriceville Hall, loss £SO: in witness' workshop, unascertained loss. He borrowed £2O from C. Hoffiena. The only property now owned by him was house and land at Mauriceville valued at £BSO, secured to a fourth mortgage. The only other asset was plant valued at £SOO, composed of various fixtures. Rook debts totalled £ll4. Bankrupt attributed his position to losses on contract?, which amounted roughly to £6OO. When bankrupt's partner, Brenchley, left the busiiuss, in May last, he took nothing out of the business. Most of the debts owing were incurred since that time. By Mr Coradine: Mrs McKenzie always owned the household furniture. By the Assignee: Brenchley was a partner when the Eketahuna Post Office contract was started, but not when it was completed. There had been one payment of £75 made on account when Brenchley left, on a 90 per cent, basis of work. By Mr Coradine ; He had paid no large amounts recently, and had no been served with any bankruptcy notice. Bankrupt said he had no offer to make. The D.O.A. said that he did not anticipate that the assets- would realise anything like the amounts for which they were secured, and though subsequent mortgages might be attacked successfully, the prior mortgages would swallow up the property. Mr Chennells said he did not think the estate would pay a dividend, and he was against making any expenditure out of the estate. A discussion ensued as to the best course tc adopt as regarded the trade fixtures on the mortgaged property. Finally it was decided to leave the Assignee to make the best terms he could with the mortgagee in realising on the estate.