BANKRUPT CARRIER.

Wairarapa Age, 13 March 1929, Page 6

BANKRUPT CARRIER.

MEETING OF CREDITORS.

. A meeting of creditors in the bank rupt estate of William Iggulden, car ( rier, Masterton. was held in the office of the Deputy Official Assignee (Mr ; A. D. Low) yesterday morning. Th. total debts due to unsecured creditors • arc £lOB4 10s., anti the assets arc nil. The list of unsecured creditors is as :

follows: —M. B. Iggulden £5OO, Edith Iggulden £250, E. Winhall £BO, J. B. Rue £44, P. Hartman 512, Wairarapa Carriers’ Association £43, J. Fouhj £75, Krahagen and Chapman £lO 10s.. C. Smith, Ltd., £8 ss, W.F.C.A., Ltd.. £5 55., Vacuum Oil Co., Ltd., £l2 10s Pragneli and McKenzie £3O, Rigg Bros. Ltd., £1 10s, C. "£. Daniell, Ltd., £8 Robinson and Cunningham, £4 10s.

Bankrupt, in his statement, said that ; he had beer, in business as a carrying : contractor in Masterton for nearly 40 ; years, but that business had not been [good for the past four years. He dated ; his misfortunes from the time of his purchase of a lorry in 1918 for £l2OO. ' It proved very expensive to run, and i repairs cost a great deal, amounting to i £4OO in one year. This lorry was ofi' the road for several long periods, owing to the necessity for repairs, with the result that business went back in a very marked manner. By 1927 his busi nessl had dwindled to such an extern that he called his creditors together, and a deed of composition was entered into whereby his creditors gave him until November 1, 1928, to earn enough to pay them 10s in the £ in full settlement of his debts. Unfortunately, business was bad that year. The lamb transport, from which, judged by previous seasons, he anticipated making about £3OO, did not yield more than £5O. Last November his carrying business practically ceased when the lay-shaft and casing of another lorry broke, and would have cost at least £9O for repairs to put on the road again. The first mentioned lorry had been out of commission for some years. He had also had a good deal of sickness at home, and he was now practically being supported by his daughter. He could see no possibility of continuing his carrying business or of obtaining money to pay his creditors. It was, therefore, with great regret that he was compelled to file after having been in business in Masterton for such a long period of years.

The Official Assignee informed the creditors that the bankrupt’s son and daughter, who appeared with the largest claims in the list of unsecured creditors, had given a great deal of financial assistance to their father. > A letter was received from bankrupt’s son, M. B. Iggulden, of Auckland, which contained an offer to the creditors to relinquish his share in the house at Villa Street, handed over to him by his mother, together with his ; interest in the motor lorries. i Replying to a question by the Offic- : ial Assignee regarding the value of 1 the property, bankrupt stated that it 1 might fetch between £BOO and £9OO. < Mr. Wilson (who appeared for E. s Winhall) considered that there was no 1 margin, and moved that the offer of u M. B. Iggulden be declined. t Mr. Jones (representing Messrs. C. E. s Daniell, Ltd.) seconded Mr. Wilson’s r . motion. He said that it was useless to 1 incur further liability when taking into 1 consideration the price that might be c got for the house. s The motion was carried. t After bankrupt answered a number c of questions, the meeting was adjourn- s ed sine die. • v