IN BANKRUPTCY.

Woodville Examiner, Volume 1, Issue 107, 16 September 1884, Page 2

IN BANKRUPTCY.

MR HAYNS 1 ESTATE. The first meeting of creditors in tho estate of Henry James Hayns, of Palmerston, contractor, was hold in tho Court House, Palmerston, on Wednesday last, at 'I p.m. Present —The debtor, Henry McNeil, F. Elmbranch, and Jas. Linton. The Deputy-Assignee reported ho had gone down to Mr Hayns’ house in Palmerston, and had formally taken possession of the property and stock; and that ho had made arrangements with Mrs Hayns to keep the stock there for a short time under her supervision, pending arrangements. The debtor stated that he took a contract from the General Government for the construction of miles of railway

called the Tahoraite contract, on the Wel-lington-Napier railway, along with Mr Joseph Jay, for the sum of ,±,13,615 12s 9d, on the Bth June, 1883, to be finished in eight months from that date. At that date I consider I was worth £IBOO to £2OOO, but I found Mr Jay could not assist either in money or influence ; in fact he had an overdraft at tire Bank of Australasia, which had to be taken up. I have now lost everything I possessed with the exception of those articles mentioned in my schedule. We had exceptionally bad weather for 6 months of the time during which very little could be done and what was done was at a loss. On the Bth Feb. we got notice from J. T. Carr, Resident Engineer, to the effect that unless 40 more men were put upon the work within 7 days, the Minister of Public Works would exercise his powers, under the 12th Clause of the contract. Our means by this time were exhaused, and we could" not comply with his order, and so on the 16th Feb. we received notice from the Minister that the the Department had formally taken over the contract. At that time £'7368 12 9d including £IOO of deposit was still due on the contract. The Government then carried on and are still carrying on the contract which will bo finished in about six weeks. The plant which is paid for is a advertised by the Public Works Office to be by auction on the 17th instant. The immediate cause of my seeking the protection of the Court was the action of Mr B. B. Johnston of Waipawa, who got judgement in the K.M. Court, and then seized the cattle on my place in Palmerston. I then interviewed my principal creditors here and they advised me to take due steps to protect the rest of my creditors. — Proposed by Henry McNeil seconded by F. Ehnbrach, that the furniture as per schedule including the piano be allowed bankrupt. Mr Hayns was instructed to attend at the settlement of the Tahoraite contract and watch over the interests of the creditors. The following are the liabilities of unsecured creditors. Small accounts due by 11, J. Hayns, £56 3s 8d; Jay and Hayns, £l3l 8s 2d; total, £lB7 11s lOd. Secured creditors: Messrs Izard and Capper, £1020; Bank of Australasia, (J. Linton, guarantor), £l6lß 6s lOd; total £2638 (5s lOd. Total liabilities, £2825 IBs Bd. Assets, £2304 6s lOd. Deficiency, L43L Us lOd. Assets: Various sections land, Palmerston, secured to J. Linton, L 550; 35 acres, L 150 0; stock dairy utensils, L 250 Pis 6d ; book debts, Ll 3 14s 4d ; furniture, piano, itc., 80 ; total, L 2304 6s 10d. —(Manawatu Standard.)