BANKRUPTCY OF R. AYRES.

Wanganui Chronicle, Volume L, Issue 12145, 8 September 1908, Page 5

BANKRUPTCY OF R. AYRES.

MEETING OF CREDITORS,

TRYING, TO UNItAVEL A TANGLE. U'er Press Association.) . WELLINGTON, September 7. Richard Ayres, a herbalist, of Island Bay, appeared before the Official Assig- ; nee {Mr Simpson), at a meeting of i creditors this morning. . 'I'he statement or liabilities showed :— Unsecured creditors £10b' 3s 3d, secured creditors £2545 4s 7d, other liabilities £1800. I'he assets were 60t down as £2704 15s sd, comprising property (£100), and surplus troin securities in the hands of several creditors (£2604 Ids sd). The bankrupt estimated that there should be a surplus of £7WB 12s 2d. •

The principal unsecured creditors were K.eene and Reid, contractors. £30, and Mrs 'Mary Ann Wright £50. Tlie chief amounts on the secured list were the JNatkmal Bank of New Zealand iji&d' 4s 7d, Annie Luke £100, the Equitabls .building and .Loan IJompany and J. Drysdale JbiOoU. The bankrupt (for whom Mr A. De B. Brandon, jun., appeared;, stated that he once had'two. businesses—one in Cuba • Street and the other in Berhampore. On lst.iJune, 19D8, he sold the Cuba Street business to X O. Ayres and Co for £1257, of which £400 was to remain in the business in the name of Jus sonj Wilfred Alexander Ayres ; the sum of £400 was to be paid in casn: £300 was to be paid in December, 1906; , and £107 was to remain as purchase money for his Berhampore business. Previously to, his selling he had given his son,. Jidgar Charles Ayres (of lhinedih), & £400 interest in tho business. ■li. C. Ayres and Co. borrowed £800 from Young's Chemical Company, for which Mr Joshua Bell, senr,; and himsell became responsible. Mr Bell and himself also guaranteed an overdraft of £200 (since reduced to £151) for E O Ayres and Co. Subsequently this firm got behind with payments to Young snd Co., and bankrupt gave a note of hand as a guarantee. Young and Co. obtained judgment against him for the goods supplied. He was unable to pay and was served with b, bankruptcy notice,. In consequence of this he filed his petition. ,■ The £750 which he receiv*^L °* •' • J,- busmess M-as all used except £50 m.'the payment of various liabilities. When he sold his Cuba Street business he gave his Berhainpore business to his daughter, Margaret Ethel Ayres. JJie house in which he was now Jiving and the furniture, belonged to ms wife. ■■■:■ ■;•...: , . ■ Examined^y >Mr Young (representing Aoung,and Co.), the bankrupt said that when he from business -in 1906 ho was "worth" about £2000 in addition to the value of the business. He believed then that he had enough to keep.him for the rest of his life. Mr Young then lengthily examined the bankiupt. about the relations between ? lm#^ E; C- ASJ« A and Co. (formed by,^G Ayres, W. Ayres, and vBell). Bankrupt said he was willing to hand 97e^ *° th© creditors all the proprietary rights which he had in the medicines. ■Ihe; Assignee remarked.that the business ,wa^; very complicated and would require much 'sifting. .The Hon. C. M. Luke submitted that the bankrupt seemed-to be doing his best to unload himself for the benefit of ins.; creditors, and Mr .Young replied that this was exactly what the creditors were trying to find out. .Replying to Mr Myers (representing Mr Joshua Bell, a contingent creditor), the^ bankrupt stated that after he had two days a week for i r new.:? companyrdML first; for £1 a: week;.-and later for:£l 10s (three days a week) . :■■■ J ■:■ It was decided to adjourn the meeting for a further .examination of the bankrupt, and Ayres was ordered to produce documents-which would assist in the un- . rave,lhn.g qf the tangle..