G. GILBERT'S BANKRUPTCY.

Woodville Examiner, Volume 3, Issue 281, 3 September 1886, Page 2

G. GILBERT'S BANKRUPTCY.

The adjourned meeting of creditors in the above estate was held at the Court house on Tuesday afternoon. The debtor’s statement showed the following:—Unsecured creditors: J. Barkwith (wages) T; C. Raynor (wages) £2 ; W. G. Greaves (wages) £A 12s fid; J. Lovcday (wages) Til 18s; E.[Smith (wages) TT3 Ids Shi; J. Monatt (wages) To; J. Troup, T 4 12s lOd; C. Humbling, .110; R. Gardner, T 4 12s Gd; C. Sian, T 22 11s ; D. Baillie, T 8 ; W. G. Crawford, .14 da dd; A. Peebles, TIT os 4d ; E. A. Haggen, TS 11s Gd; W. Nicholson, T 24 11s 7d Sainsbury & Logan, T2 10s; J. Sowry, TO ss; K. Martin, T 34 2s 10s; Twentyman Cousin, TOO 5s 3d; R. A E. Tingey, T 75 3s Id; E. W. Mills, T 25 ; Danks A Sons, Til Ids; Kinross & Co, T3G 17s 3d ; Banner & Puddle, T 513 12s lOd ; W. Nathan & Co. Tl 5 10s lid ; Ruddock & Fryer, T 45 5s ; R. S. Florance, TlO 2s 4d : R, S. Florance, T 24 15s 4d ; total, T 1053 2s 7d. Secured creditors: H. "Williams & Sons, mortgage on leases in Yogel-street and Ormond-street, value TSOO, debt TG27 Is dd. The assets were set down as 287 acres at Kumeron, value (less amount due to Government) TlllO Gs; Ormond-street lease T 350; lease in Vogelstreet, T 15 0; stock and fittings TBSO, book debts, T 502 ; total, T 2071 12s lOd. There were about fourteen creditors present. Mr Florance appeared for the bankrupt, and Mr Burnett for the Deputy Official Assignee, and Mr Gothard represented Ruddock & Fryer. The Assignee said that he had examined the bankrupt at considerable length and had possession of his books. The hooks seemed to show his business transactions fairly, and there was the question of a contract which would have to go before the creditors. He understood that Mr Gilbert was going to make some offer. The debtor had furniture, but that had been assigned to his wife many years ago. The Assignee then read the following statement by the bankrupt:—l commenced business on my own account at Woodville as a painter and plumber six years ago, and added the ironmongery business in April, 18SG. During the time I have been in business I have done a good trade and have madof no very large losses. I lost on account or a contract with Messrs Rabonc A - Holdee about T4O. This was lust year. The books I have handed over to the Assignee’s solicitor show my business transactions. At the present time 1 have an incomplotod contract for plumbing with Messrs Craven & Rimmer. I have no copy of the agreement. I have been unable to complete, through my bankruptcy. There is a balance of T 94 12s due tome on completion of contract. I estimate it will cost more than L3O to complete the work. That amount would cover labor and material.

I consider the cause of my 1) mkruptcy my being unable to collect sufficient money to meet cngagi incuts and being pressed by several creditors. E. \V. .Mills, of Wellington, summoned me for l'2- r >. Ranks & Son, of Wellington, also sued mo ior i'll ICs, and 11. Martin, of \\ clungum. not an execution against tno ior I'd}. I then bled my petition to protect mv creditors. I have paid my solicilor, .Mr r iorancc on account of my bankruptcy I">. I gave Mr If. Wiliams, of Napier, a morigage over town sections No. 4.'!, Woodviiie. There arc two cottages on thi s section. 1 also mortgaged the leasehold of the shop to Mr Williams. The amount of the mortgage was to secure the linn oi Messrs Williams & Sons for goods supplied, and to be supplied at the time I executed the mortgage. I owed that firm fully T-180 in addition to the above mortgage. Henry Williams & Sons held promissory notes to secure them, I also gave an agreement to Henry Williams and Sons to give them additional security over a deferred payment section at Kumeroa, when 1 get the freehold of it. When I increased my present liabilities I had reasonable expectations of being able to pay them. I have never obtained credit by misrepresenting my position to my creditors. My household and personal expenditure has not exceeded two guineas per week. I have a family of seven children. A large portion of what should be profit has gone in making financial arrangements to meet my engagements and running bills. I have principally paid mj- accounts through my banker, not much in cash over the counter. I was bankrupt about eleven years ago in Johnstonville. I was carrying on business ns painter and plumber. My debts were T'47o; and my assets i'GOO. My estate paid, I believe, 7s Odin the ib 1). Y. Stuart, of Wellington, was my trustee. I got my discharge from the Court, I was not suspended. This is the only time I have been bankrupt. I own no property except what is included in the schedule. The furniture I assigned to my wife about eight years ago. A horse, trap, and harness were included in the assignment. The trap is not the same as I now hold. The trap and harness wore purchased by me from Mr Greaves, about six months ago.”

Mr Florence said the debtor intended to offer the creditors 10s in the £. The Assignee said there was a contract at Danevirke which he thought should he completed. In the meantime he had a man in charge of Mr Gilbert’s premises. Some discussion then took place as to the position of the deferred payment section in Kumeroa, and the Assignee remarked that in one case the Court had made an order for the selector to pay up, and suspended his discharge. Mr Gilbert said that i.'200 would have to be spent before he could get the title. Mr Florance moved, That a compensation of 10s in the £ be accepted, payable by promissory notes, endorsed to the satisfaction of tho Assignee, in equal instalments at 3, G, 9, and 12 months without interest, and that all liabilities up to XTO shall be paid immediately* after the deed of composition is duly executed.” Mr Baillie seconded tho motion, which was carried unanimously. The Assignee remarked that this did not bind the creditors, as it would have to be confirmed by a subsequent meeting, and the larger creditors had not proved yet, and they might upset it. On the motion of Mr Siau, seconded by Mr Baillie, it was decided to complete the Danevirke contract, and the meeting adjourned